Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb in a meeting with an IMF team in Washington discussed in detail Pakistan’s reforms agenda and also reviews progress for the second review of the loan programme, reported 24NewsHD TV channel on Tuesday.
Senator Aurangzeb who is in Washington to attend annunal meetings of the International Monetary Fund (IMF) and the World Bank, met with Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, and his team.
Both sides exchanged views on Pakistan’s reforms agenda and reaffirmed their shared commitment to sustaining the current momentum of reforms.
The meeting reviewed progress under the Second Review of the Extended Fund Facility (EFF) and acknowledged the importance of maintaining macroeconomic discipline.
Meeting with WB official
Aurangzeb also met with Axel van Trotsenburg, Senior Managing Director of the World Bank Group.
During the meeting, the finance minister expressed appreciation for the World Bank’s continued commitment to Pakistan’s national development agenda.
The minister reiterated that the climate crisis remained an existential challenge for Pakistan, referencing the devastation caused by recent floods and their severe impact on the agriculture sector and GDP growth.
He emphasized the need for enhanced investment in climate adaptation and mitigation measures and agreed on the importance of mobilizing additional resources to manage future natural calamities.
Meeting with IFC VP
The finance minister held a meeting with Riccardo Puliti, Regional Vice President, IFC for the Middle East, Central Asia, Türkiye, Afghanistan and Pakistan.
During the meeting, the minister highlighted strong macroeconomic indicators of the country. Senator Aurangzeb appreciated IFC’s partnership with Pakistan, its role in scaling up private sector investment including through multi-billion-dollar investments in support of the 10-year Country Partnership Framework (CPF).
He agreed to achieve early financial closure of the IFC's flagship Reko Diq project.He also welcomed the new regional set-up of IFC with a regional office in Islamabad.
Talks with US treasury officials
Aurangzeb welcomed successful negotiations with the US administration leading to a tariff deal. Finance Minister Aurangzeb expressed these sentiments during a meeting with Robert Kaproth, Assistant US Treasury Secretary for International Finance and Counsellor Jonathan Greenstein in Washington D.C., where he has arrived to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB).
During the meeting on Monday, the finance minister highlighted strong economic fundamentals of the country underpinned by the IMF loan programme and also discussed new legislation in on virtual assets.
He briefed the US Treasury officials about the legislation to regulate virtual assets in Pakistan.
Senator Aurangzeb also invited US companies to invest in the oil and gas, mineral, agriculture and IT sectors in Pakistan.
Commonwealth meeting
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb attended the Commonwealth Finance Ministers Meeting (CFMM) focusing on “Strengthening Economic Resilience amidst International Policy Shifts”, on the sidelines of the IMF and World Bank annual meetings in Washington.
In his address to the meeting, Finance Minister Aurangzeb emphasized the importance of prioritizing actions and focusing on delivery to move towards the goal of a resilient and prosperous Commonwealth. Senator Aurangzeb also supported measures for operationalizing the Commonwealth infrastructure, Financial Resilience Hub and Technical Assistance Fund for peer review and capacity building.
He further underscored the centrality of climate financing for a country like Pakistan and the imperative of operationalizing institutions including the Loss and Damage Fund.
Talks with CitiBank delegation
Senator Aurangzeb along with his team met with representatives of CitiBank comprising Milos Stefanovic , Managing Director Head of Public Sector Group UK, Europe and MEA and Jaya Dutt, Head of Markets MEA, in Washington.
During the meeting, the minister acknowledged Citi’s long-standing partnership with Pakistan and appreciated its continued engagement.
He further provided an overview of Pakistan’s stabilizing macroeconomic indicators driven by ongoing structural reforms, validated by all international credit rating agencies.
During the meeting, the finance minister also highlighted Pakistan’s emergence as a growing hub for digital innovation and financial services, assuring that government would review all proposals presented by the Bank.
US-Pakistan Business Council
Senator Aurangzeb was also hosted by the leadership and members of the US-Pakistan Business Council.
Speaking on the occasion, the finance minister briefed the participants about improvements in the macroeconomic indicators of Pakistan. He also underlined that the private sector has to lead the country.
The minister reiterated that the Government of Pakistan was conscious of the challenges being faced by the businesses and working to provide maximum relief.
He highlighted the trade deal negotiated with the US authorities, saying he looked forward to enhanced G2G and B2B engagements with US companies in priority sectors including mines and minerals, agriculture, IT, and pharmaceuticals.
Aurangzeb concluded the session with a Q&A assuring to address the genuine concerns raised.
Dinner reception
Aurangzeb and his delegation also attended a dinner hosted by Pakistan’s Ambassador to the United States Rizwan Saeed Sheikh, at the Embassy of Pakistan in Washington D.C.
The event brought together members of the Pakistani diaspora, prominent community leaders, and dignitaries representing various spheres of public life and politics in the United States.
Participants exchanged views on Pakistan’s economic reform agenda and the government’s ongoing efforts to promote stability, investment, and growth.
Aurangzeb appreciated the valuable contributions of overseas Pakistanis to the national economy and highlighted the government’s commitment to strengthening their engagement with Pakistan’s development journey.
Reporter Waqas Azeem