FM Aurangzeb reaches US for IMF, World Bank meetings

Finance Minister Muhammad Aurangzeb has reached the United States to attend the International Monetary Fund (IMF) and World Bank annual meetings. 

Senior officials of the Pakistani Embassy in Washington welcomed the Finance Minister and other important members of the delegation. 

The Finance Minister will attend a dinner hosted by the President of the World Bank for the Finance Ministers of selected countries at his special invitation. 

The finance ministry said on Sunday with Islamabad seeking an early staff-level agreement with the IMF. Pakistan secured a $7 billion, 37-month Extended Fund Facility in Sept. last year, followed by a $1.4 billion, 28-month Resilience and Sustainability Facility in May, to bankroll its economy.

The IMF this week said the two sides have made significant progress toward a staff-level agreement on reviews of the South Asian country’s $8.4 loans, the lender said late Wednesday.

Aurangzeb will meet with senior officials of the IMF, World Bank, International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) during his visit to the US, the finance ministry said.

The finance minister will also meet IMF Managing Director Kristalina Georgieva on the G24 and Middle East, North Africa and Pakistan (MENAP) countries platforms.”

He will discuss tax proposals and investment opportunities in Pakistan with officials and members of the US-Pakistan Business Council, according to his ministry. 

During the visit, the finance minister will also meet officials of global credit rating agencies and commercial banks, especially Middle Eastern investment banks.

Pakistan’s $7 billion IMF program implementation remained strong and broadly aligned with commitments, while progress was made in discussions on fiscal consolidation to strengthen public finances, according to the lender.

Aurangzeb said on Friday the government is finalizing rapid damage assessments following recent floods and will prioritize the use of domestic resources for rescue and relief operations, before considering external assistance for rehabilitation and reconstruction.

Pakistan’s recent floods, triggered by heavy monsoon rains and India’s release of excess water, have killed more than 1,037 people and affected another over 4 million, besides damaging standing crops, homes and road network. The government has initially estimated the losses at Rs370 billion ($1.31 billion), though a detailed assessment has yet to be made.

The IMF team wants to express its sympathy to those affected by the recent floods, and is grateful to the Pakistani authorities, private sector, and development partners for many fruitful discussions, the global lender said this week.