Islamabad:
Finance Minister Muhammad Aurangzeb has emphasized the importance of climate understanding, attracted foreign investment and promoting economic diversification.
He highlighted this under a number of high -level engagements on the Sideline of the World Bank and International Monetary Funds Spring Meetings in Washington.
According to a press release issued by the Ministry of Finance here on Saturday at the Fund’s high level to respond to loss and damage (FRLD), he highlighted climate change as an existential threat to Pakistan and remembered the devastating floods of 2022.
He emphasized the urgent need to operate the loss and damage fund with simplicity, agility and robust responsibility mechanisms and called for faster payments to vulnerable nations.
In a meeting with Hiroshi Matano, CEO Vice President of the Multilateral Investment Guarantee (MIGA), appreciated Aurangzeb Miga’s efforts to solve Star Hydro Power -Dign and pledged full support to a potential trade financing facility.
He welcomed Miga’s upcoming mission to Pakistan and expressed hope to end the deal this year.
The Minister of Finance also held a productive meeting with Thomas Lersten, a senior official from the US Department of State, and thanked the United States for his strong participation in the mineral conference in Pakistan.
He repeated Pakistan’s desire for constructive commitment to tackle customs problems, as a high -level trade and investment delegation was expected to visit the United States.
During discussions with Makhtar Diop, CEO of International Finance Corporation (IFC), the minister emphasized Pakistan’s strong macroeconomic indicators, including Fitch’s recent credit assessment upgrade.
He called for accelerating advisory work at Karachi Airport and emphasized subnational control capacity building.
The Minister of Finance also met with senior representatives of the United States’ export import bank, led by Jim Barrows and informed them of Pakistan’s improvement of macroeconomic basic and fiscal consolidation measures, highlighting the staff level with the IMF under Eff and RSF.
By giving them an update on the REKO DIQ project, the Finance Minister called on the Improved Exim Bank support for US investments in Pakistan and expressed a desire to solve customs problems.
In conversations with JP Morgan Chase, Finance Minister Pakistan’s stable economic track emphasized and plans to diversify the markets. He repeated Pakistan’s intention to return to international capital markets through an initial panda bond issue.
While talking to an IMF panel discussion about “navigating an uncertain world,” Minister Aurangzeb emphasized the importance of promoting regional trade in the midst of global uncertainty.
He advocated the sector and market diversification and a shift from import substitution to export-led growth, identifying the IT sector as a key triver.
Later, the Minister of Finance met with Dev Jagadesan, acting CEO of US International Development Finance Corporation (DFC), to discuss project tubes, including Reco DIQ, and potentially US-Pakistan collaboration.
The minister also met with Baroness Chapman, Prime Minister for International Development of the United Kingdom and thanked her for Britain’s long -standing partnership with Pakistan.
He briefed her on the World Bank’s 10-year Country Partnership Framework (CPF), which focused on the population and climate resilience.
