Federal Minister for Finance & Revenue Muhammad Aurangzeb convened a meeting with the President of the World Bank Group, Ajay Banga, in Washington on Tuesday. They delved into an initial assessment of Pakistan’s economy and pertinent policy reforms for enhancement, reaching consensus on the imperative nature of a 10-year Rolling Country Framework Plan.
President Ajay Banga pledged unwavering support for Pakistan’s reform initiatives and digitalization endeavors aimed at stabilizing the economy. In return, the Foreign Minister extended a cordial invitation to the President for a prompt visit to Pakistan.Expressing gratitude for the World Bank’s sustained assistance in realizing Pakistan’s developmental aspirations, Aurangzeb underscored the government’s resolute commitment to advancing significant reforms across various sectors, notably taxation, energy, and privatization.
He emphasized the pivotal role of digital technologies in bolstering governance and public service delivery, affirming the government’s eagerness to collaborate closely with the Bank in advancing the revenue reform agenda and timely investments in critical sectors to bolster domestic revenue mobilization.
Transitioning to his interaction with the International Finance Corporation (IFC), Aurangzeb briefed Hela Cheikhrouhou, Regional Vice President for MCT, on the government’s structural reform agenda, with a focal point on taxation, energy, and privatization. He commended the IFC’s efforts in enhancing Pakistan’s investment climate and urged for escalated engagement in priority sectors such as remittance securitization, mining, airport management, and capacity building.
Moving forward, Aurangzeb participated in the G-24 Finance Ministers and Central Bank Governors’ Meeting during the IMF/World Bank Spring meetings in Washington D.C., engaging in substantive discussions on sustainable economic growth, financial stability, and the adverse impacts of climate change, particularly on developing nations like Pakistan.
Expressing gratitude to Saudi Arabia for its steadfast financial support during economic challenges, Aurangzeb discussed avenues for deepening economic and investment ties between the two countries with Saudi Finance Minister Mohammed Al-Jadaan.
Further engagements with key stakeholders including the World Bank’s Senior Managing Director, Axel Van Trotsenburg, and the CEO of the U.S. International Development Finance Corporation (DFC), Scott Nathan, revolved around maximizing resources for development projects in Pakistan, attracting investments across various sectors, and exploring avenues for collaboration.
In meetings with Masatsugu Asakawa, President of the Asian Development Bank (ADB), Aurangzeb underscored the pivotal role of ADB in supporting Pakistan’s development agenda and fostering sustainable growth. Moreover, Asakawa reaffirmed ADB’s commitment to collaborating with Pakistan in achieving long-term development objectives.
Highlighting Pakistan’s vulnerability to climate-induced disasters at the V20 Ministerial Dialogue XII, Aurangzeb stressed the imperative for developed countries to fulfill their financial commitments and provide support to address climate challenges, including establishing the Loss and Damage Fund.
Concluding his diplomatic engagements, Aurangzeb met with Türkiye’s Treasury and Finance Minister Mehmet Şimşek, affirming the need to deepen cooperation between Pakistan and Turkey, particularly in trade and investment, leveraging Turkey’s expertise in power generation and distribution.
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