Finance Minister Aurangzeb meets capital market leaders in Washington

Federal Minister for Finance and Revenue, Muhammad Aurangzeb and his delegation, currently attending the World Bank Group and International Monetary Fund annual meetings in the United States, met with Alvarez & Marsal Sovereign Advisory Services wherein approaches were discussed through which Pakistan could access the international capital markets and external creditors.

Finance Minister Aurangzeb and other delegates including Finance Secretary, Imdad Ullah Bosal; Secretary Economic Affairs, Dr. Kazim Niaz and Governor, State Bank of Pakistan, Jameel Ahmad will attend the Annual Meetings WB and IMF, being held in Washington DC from 21-26 October 2024, according to press release issued by finance ministry. The Pakistani delegation held meeting with the representatives of Alvarez & Marsal Sovereign Advisory Services, comprising Managing Director and Global Practice Leader, Dr. Reza Baqir; Division Executive for Sovereign Advisory Services, Peter Briggs and Thibaud Fourcade. Alvarez & Marsal team congratulated Pakistan on the successful conclusion of the Extended Fund Facility (EFF) with IMF.

The team outlined the steps needed for the country to chart an accelerated path to capital markets following a well-sequenced strategy and deliberated on ways to restore access to internal international capital markets and external creditors.. Meanwhile, the Pakistan delegation also held a meeting with Director Middle East and Central Asia Department (MCD) IMF, Jihad Azour. Thanking the IMF for its continued support to Pakistan, especially for the recently approved US$7 billion Extended Fund Facility (EFF), the delegation outlined the government’s efforts towards fiscal consolidation, revenue expansion, energy and SOE reforms, aimed at transitioning Pakistan from stabilization to growth. Congratulating Pakistan on the successful start of the Fund programme, Jihad Azour emphasized the importance of staying the course on reforms.