On Tuesday, Pakistan’s Finance Minister, Muhammad Aurangzeb, discussed advancements in economic reforms with Ajay Banga, the President of the World Bank Group, during their meeting.
According to a declaration from the Ministry of Finance, during Aurangzeb’s visit to Washington for the spring meetings organized by the International Monetary Fund and World Bank, he emphasized Pakistan’s advancements under the IMF’s 9-month Stand-By Arrangement and the ongoing improvements in crucial sectors such as taxation, energy, and privatization.
Pakistan’s Finance Minister announces that discussions with the International Monetary Fund are underway for a new, multi-billion-dollar program. The statement also mentions that they have mutually agreed upon the necessity of a long-term, 10-year Country Framework Plan.
The current $3-billion Small Business Administration program, signed last summer, is set to conclude this month. Pakistan anticipates receiving its final installment of $1.1 billion in April. Meanwhile, the International Monetary Fund chief has highlighted the critical matters the country must address.
Islamabad has begun talks with the international financial institution regarding a new, multi-billion dollar loan agreement to bolster their economic reform program.
Concurrently, the World Bank’s President expressed his complete backing for Pakistan’s economic stabilization and digitalization initiatives. Furthermore, the Finance Minister extended an invitation to the World Bank President to visit the country.
In a separate event, Aurangzeb held a meeting with Masatsugu Asakawa, the President of the Asian Development Bank, on Tuesday.
The statement mentioned that the discussions primarily revolved around enhancing Pakistan’s collaboration with the Asian Development Bank. The focus was on safeguarding the country’s envelope of concessional financing and exploring potential future projects.
Additionally, the finance minister had a meeting with the CEO of the US International Development Finance Corporation, Scott Nathan. During this meeting, they delved into strategies to expand DFC’s investments in Pakistan after addressing any pending issues.
Aurangzeb announced that the government is actively promoting innovative financial approaches to attract private sector investments and foster Public-Private Partnerships. This commitment demonstrates their dedication to supporting both local and international investors in Pakistan.
