AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Washington DC, Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, held several high-level meetings with international financial institutions and stakeholders in Washington D.C. during the IMF/World Bank Spring Meetings. These discussions covered a range of topics, including Pakistan’s plans to seek a larger and longer loan program from the International Monetary Fund (IMF), ongoing reforms, and the country’s economic trajectory.
According to Press Information Department, Aurangzeb met with the Chinese Finance Minister, Mr. Lan Fo’an, on the sidelines of the meetings. He conveyed condolences for the recent terrorist attack against Chinese nationals in Pakistan and reaffirmed Pakistan’s commitment to ensuring the safety and security of Chinese citizens and investments. The Finance Minister praised China’s contributions to Pakistan’s development through initiatives like the China-Pakistan Economic Corridor (CPEC). Aurangzeb noted that Phase-I of CPEC focused on infrastructure, while Phase-II will emphasize monetizing assets and operationalizing Special Economic Zones. The Finance Minister thanked China for the SAFE deposits and their regular roll-overs, which helped address Pakistan’s external financing gaps.
Aurangzeb also discussed Pakistan’s efforts to secure a new multi-billion-dollar loan from the IMF, indicating that the country was entering into a larger and extended program with the organization. In meetings with various stakeholders, he highlighted ongoing reforms in the tax system, the energy sector, and state-owned enterprises. He emphasized Pakistan’s plan to tap into the Chinese Bond Market and launch Panda Bonds during the fiscal year 2025-26.
During a meeting with Mr. Martin Raiser, the World Bank’s Regional Vice President for South Asia, Aurangzeb discussed the new Country Partnership Framework (CPF) between Pakistan and the World Bank. The Finance Minister emphasized the government’s reform thrust in energy, taxation, and state-owned enterprises. He also highlighted the Special Investment Facilitation Council (SIFC) as a one-window facility for investment promotion and facilitation.
Aurangzeb’s engagements also included discussions with Mr. Brent Neiman, Deputy Under Secretary for International Finance at the U.S. Department of Treasury, focusing on Pakistan’s positive economic indicators and reform priorities. The Finance Minister met with the President of the Asia Infrastructure Investment Bank (AIIB), Mr. Jin Liqun, discussing Pakistan’s economic trajectory and cooperation in infrastructure development.
Further meetings included a discussion with Mr. Makhtar Diop, Managing Director of the International Finance Corporation (IFC), where the Finance Minister outlined Pakistan’s economic indicators and future plans, emphasizing the need for continued support from international partners.
The Finance Minister’s busy schedule included a luncheon with the Country Management Unit (CMU) of the World Bank, participation in a High-level Closed-door Roundtable on Financial Markets Access, and a meeting with Mr. Andrew Torre, Regional President of VISA.
These meetings underscore Pakistan’s efforts to strengthen international cooperation and secure support for its economic reforms and development goals.