Pakistan seeks Saudi support for infrastructure uplift projects
Aurangzeb vows to foster deeper economic partnership with Saudi Arabia: Holds talks with his Saudi counterpart in Washington
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has reaffirmed Pakistan's commitment to fostering a deeper economic partnership with Saudi Arabia, reported 24NewsHD TV channel on Thursday.
During a meeting with Saudi Finance Minister Mohammed Aljadaan on the sidelines of the IMF–World Bank annual meetings in Washington D.C, Aurangzeb sought Saudi support for infrastructure development projects.
Both sides reviewed the growing trade and investment relations.
The finance minister reaffirmed that Pakistan remained steadfast in pursuing economic reforms under the IMF loan programme to ensure long-term macroeconomic stability.
He apprised his Saudi counterpart of the ongoing privatization process of Pakistan International Airlines (PIA) and key airports, underscoring the Government’s resolve to attract strategic investments through transparency and efficiency.
The two ministers agreed that institutions such as the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) could play a vital role in mobilizing and de-risking private sector investments in Pakistan.
Meeting with DFC CEO
During a meeting with CEO of the US International Development Finance Corporation in Washington D.C, Aurangzeb highlighted significant investment opportunities with Pakistan's oil and gas, mines and minerals, agriculture, IT and pharmaceutical sectors.
The finance minister underscored the consensus at the leadership level to enhance trade and investment ties.
He welcomed the DFC's interest in facilitating private sector-led funding for projects in Pakistan.
Aurangzeb meets business community
Aurangzeb invited proposals from the business community to further cement Pak-US ties.
Interacting with leading Pakistani entrepreneurs over a working dinner, hosted by Pakistan's Ambassador to the US Rizwan Saeed Sheikh at Pakistan House, in Washington D.C, he apprised that improved credit rating of the country by renowned global agencies has contributed to reviving confidence of the business community.
The finance minister also briefed the participants about economic outlook of the country including macroeconomic stability and structural reforms. He highlighted streamlining of regulatory processes, improving taxation system, and addressing issues related to energy, SEOs and privatization.
The participants assured full support towards translating the government’s economic vision into reality.
Reporter Waqas Azeem