Finance minister makes pitch for launch of Panda Bond
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Finance Minister Muhammad Aurangzeb held a meeting with the President of the Islamic Development Bank Dr Muhammad Sulaiman Al Jasser in Washington.
He acknowledged the Bank’s role as a reliable partner in Pakistan’s progress and appreciated its financing in various sectors including energy, transportation, education, and health.
The Finance Minister lauded Bank’s investment in the Mohmand Dam, along with other members of the Arab Coordination Group, as a model for co-financing similar or larger projects in the future.
The Finance Minister also held a meeting with the leadership of Mashreq Bank.
He appreciated the Bank’s longstanding partnership with Pakistan and highlighted the performance of the economy over the past year.
The Finance Minister expressed satisfaction that the Bank is expanding its operations in Pakistan and would soon launch a new office.
Meeting with JP Morgan Bank team
Meanwhile, the Finance Minister also held a meeting with the representatives of JP Morgan Bank in Washington.
He provided an overview of the improvements in Pakistan’s economic outlook and emphasized the importance of the IMF’s Extended Fund Facility for lending permanence to macroeconomic stability and executing structural reforms.
The Finance Minister highlighted significant reforms in taxation, privatization, and the overhauling of state-owned enterprises.
He also expressed Pakistan’s resolve to tap into International Capital Markets through the issuance of its inaugural Panda Bond.
US investors briefed on Pakistan’s economic performance
Finance Minister Muhammad Aurangzeb attended a series of investor fora organized by Citibank, Standard Chartered, and JP Morgan in Washington during his visit to the United States.
During these interactions, he briefed the investors on the economy's performance for the last fiscal year.
The Minister expressed satisfaction that all economic indicators were moving in the right direction. He highlighted key reforms in taxation, energy, SOEs, privatization, and right-sizing of the government.
Muhammad Aurangzeb emphasized the role of provincial governments in raising the tax-to-GDP ratio and discussed the National Fiscal Pact signed by the Federal Government. He also touched on reforms being carried out in the FBR related to people, processes, and technology.
Additionally, the Minister addressed investor questions about the Sovereign Wealth Fund, Special Economic Zones, and Power Purchase Agreements being negotiated with Chinese IPPs.