Finmin pushes reform, financing agenda at IMF – World Bank -Meetings

Pakistan:

Pakistan and International Finance Corporation agree to accelerate the financial closure of the Reko DIQ project when Minister of Finance Muhammad Aurangzeb began a number of high-level engagements with global financial institutions in Washington.

During a meeting with Riccardo Puliti, International Finance Corporation (IFC )’s regional vice president of the Middle East, Central Asia, Türkiye, Afghanistan and Pakistan, Aurangzeb paid tribute to IFC’s role in operating private investments in accordance with its 10-year country’s partnership framework (CPF). He also welcomed IFC’s new regional office in Islamabad and designated the “a step towards deeper cooperation and increased investment moment”.

The meetings will take place on the sidelines of the IMF-World Bank’s annual meetings, where Aurangzeb represents Pakistan to maintain Reformomentum and attract long-term financing.

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In discussions with the IMF’s Jihad Azour and the World Bank’s Axel van Trotsenburg, both sides confirmed the commitment of “maintaining reform momentum and macroeconomic discipline” under the extended fund facility (EFF) review. Aurangzeb emphasized Pakistan’s climate vulnerability with reference to the influence of floods on agriculture and GDP and called for improving investments in adaptation and mitigation.

At the Commonwealth Finance Minister’s meeting, Aurangzeb called for “concrete actions for an elastic and prosperous Commonwealth,” support initiatives such as infrastructure and financial resilience NAV and Technical Assistance Fund. He emphasized the need for operational tools for climate financing, including losses and injury funds.

In a separate meeting with US Assistant Treasury Secretary Robert Kaproth and adviser Jonathan Greenstein informed Aurangzeb them about Pakistan’s stabilizing indicators under the IMF program and discussed legislation on new virtual assets. He invited us investors to explore oil and gas opportunities, minerals, agriculture and that.

Aurangzeb by maintaining the American Pakistani Business Council said the growth of private sector was the key to maintaining economic momentum and securing business leaders that “all genuine concerns will be treated”.

He also met Islamic Development Bank (ISDB) President Dr. Muhammad Sulaiman al-Jasser, thanks to the bank for his partnership and funding for two M-6 highway sections. The negotiations included cooperation on the extinction of polio, oil financing and a new framework for landing (CEF).

In a meeting with Citi Bank representatives, Aurangzeb Pakistan’s “stabilizing macroeconomic views, supported by reforms and improvement of credit rating,” and called the country a new “regional hub for digital innovation and financial services.”

The day ended with interviews with Reuters and AP, followed by a dinner hosted by Ambassador Rizwan Saeed Sheikh, participated by US officials and community leaders.

Aurangzeb praised overseas Pakistanis for their contributions and confirmed the government’s decision to “actively engage them in national development”.

Finmin is in Washington for a 6-day tour to attend the week’s long plenary meetings in the International Monetary Fund (IMF) and the World Bank (WB) collections that gather global finance ministers, central bankers and development leaders.

Read more: IMF talks Stall over dispute about flood loss

His visit comes at a critical time for Pakistan’s economy after the end of the Islamabad negotiations and an IMF mission over the $ 8.4 billion lending program, which ended without a staff agreement (SLA).

He will also hold bilateral meetings with finance ministers from China, the United Kingdom, Saudi -Arabia, Turkiye and Azerbaijan as well as Senior The White House and American Ministry of Finance.

Aurangzeb is expected to provide a main address of the Menap and G24 platforms, participate in the World Economic Forum (WEF) events and attend a regional round table on the digital transformation of the Federal Board of Revenue (FBR).

The visit aims to promote Pakistan’s reform agenda, ensure international support for financial stabilization and investment and strengthen commitment with multilateral lenders and private investors.