Finance Minister Muhammad Aurangzeb interacted with the World Bank-IMF Staff Association in Washington DC and provided an overview of the continued stabilization measures undertaken by Pakistan.
The Finance Minister expressed Pakistan’s resolve to sustain growth by achieving fiscal consolidation, improving the governance and management of SOEs, reducing high energy costs in the power sector, and raising productivity and competitiveness by creating a more favourable business environment for the private sector.
Meanwhile, Finance Minister Muhammad Aurangzeb met with Assistant Secretary for International Finance of the US Treasury Department Brent Neiman in Washington DC.
The Finance Minister expressed gratitude to the US for its support in securing the IMF’s Extended Fund Facility for Pakistan.
Pakistan, KSA vow to further cement ties
Pakistan and Saudi Arabia have expressed the resolve to further deepen mutually beneficial economic ties, enhance bilateral trade and facilitate investments in key sectors.
This came at a meeting between Finance Minister Muhammad Aurangzeb and Saudi Minister of Finance Mohammed Aljadaan, on the sidelines of the World Bank-IMF Annual Meetings in Washington DC.
They highlighted the historical fraternal bonds between Pakistan and the Kingdom of Saudi Arabia.
The Saudi Minister also shared his experience of reforms in the energy sector.
Both the sides agreed to advance cooperation in areas of mutual interest.
Aurangzeb calls for resolving developing countries’ issues
Minister for Finance Muhammad Aurangzeb has urged all development partners to work together to resolve the pressing issues of climate change, population growth and child stunting faced by developing countries, especially Pakistan.
The minister was addressing the G-24 Ministers and Governors Meeting in Washington.
On becoming the Second Vice Chair of the G-24 Bureau during the fiscal year 2024-25, the Finance Minister emphasized the need to address key issues such as the high debt burdens on developing countries, the need for climate action and greater representation of developing countries in the Bretton Woods institutions.
Aurangzeb attends Vulnerable-20 Ministerial Dialogue
Finance Minister Muhammad Aurangzeb also participated in the Vulnerable-20 Ministerial Dialogue in Washington.
During his address, the Finance Minister said Pakistan is in the process of developing its Climate Prosperity Plan.
He emphasized the need to reform global finance to make debt work for the climate and urged Multilateral Development Bank to expand grant opportunities and concessional financing windows.
The Finance Minister also endorsed the official recognition of the V20 by the International Monetary Fund as an official intergovernmental group.
Interview with Bloomberg
Finance Minister Muhammad Aurangzeb has said that Pakistan is getting a promising response from China over its request to delay maturity period for Belt and Road Initiative loans.
In an interview with Bloomberg, the Minister said Pakistan is witnessing a period of stability after securing a new seven billion dollars loan program from the International Monetary Fund.
He said the government will initiate discussions on obtaining additional financing from the IMF through its Climate Resiliency Fund.
The Minister informed that Pakistan's central bank has cut its benchmark interest rate for three consecutive meetings by 450 basis points to 17.5% from a record 22%.
Pakistan invites Turkish firms for JVs
Finance Minister Muhammad Aurangzeb held a meeting with Turkiye's Treasury and Finance Minister Mehmet Simsek in Washington DC.
Recalling the historical, fraternal bonds and multi-faceted cooperation between Pakistan and Türkiye, the Finance Minister highlighted the great potential to enhance the current volume of bilateral trade.
He noted that Pakistan could learn from Türkiye’s experience in power sector reforms and invited Turkish firms to enter into mutually beneficial joint ventures (JVs) with their Pakistani counterparts.