Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has called for urgent international actions on climate insurance and economic diversification under high -level engagements at 2025 spring meetings in the World Bank Group (WBG) and International Monetary Fund (IMF) in Washington, DC.

Aurangzeb, who spoke in the Fund dialogue to respond to losses and damage (FRLD), called climate change an existential threat to Pakistan with reference to the floods in 2022.

He called on the rapid operationalization of the loss and injury fund with simple, agile and responsible mechanisms to ensure timely payment to vulnerable countries.

In a number of bilateral meetings, Aurangzeb discussed foreign investments, financial reform and climate financing.

In conversations with Hiroshi Matano, CEO Vice President of the Multilateral Investment Guarantee (Miga), the minister expressed the appreciation of Miga’s role in solving the Star Hydro project conflict and greeting his planned mission to Pakistan later this year.

He also met Thomas Lersten, an official in the US state department, thanked Washington for his support at the Pakistan Minerals conference and emphasized the need to solve customs challenges.

Aurangzeb said that a high-level trade and investment delegation from Pakistan would soon visit the United States to elaborate on economic cooperation.

During discussions with International Finance Corporation (IFC) CEO Makhtar Diop highlighted the minister of Pakistan’s improved macroeconomic indicators, including Fitch’s recent credit rating upgrade.

He called for the quick tracking of IFC-advisory support for Karachi Airport and capacity building at the subnational level.

In a meeting with the US Export Import Bank, Aurangzeb informed high-ranking officials on fiscal reforms and Pakistan’s progress during the IMF’s extended fund facility (EFF) and resistance and sustainability facility (RSF).

He called for greater support for US investments in strategic sectors, including the REKO DIQ project.

He also held conversations with JP Morgan Chase, where he confirmed Pakistan’s stable macroeconomic views and plans to diversify the markets.

The Minister expressed Pakistan’s emergency preparedness to enter international capital markets through a Panda bond issue.

On an IMF panel entitled “Navigation of an uncertain world”, Aurangzeb emphasized the importance of regional trade, economic diversification and export-led growth with a special focus on technology and the sectors as growth engines.

Later, the minister discussed development financing with DEV Jagadesan, acting CEO of US International Development Finance Corporation (DFC) and met Baroness Jenny Chapman, the British Prime Minister of International Development.

Aurangzeb thanked the United Kingdom for his long-standing development partnership and shared progress on the World Bank’s 10-year national partnership framework for Pakistan, who prioritizes climate insurance and population strategies. He also paid tribute to the United Kingdom’s Mismit initiative to improve the transparency of development support.