Pakistan’s Reform Plans
WASHINGTON: During a high-level meeting held at the World Bank headquarters in Washington on Wednesday, Pakistan’s Finance Minister Muhammad Aurangzeb and Assistant Secretary of the United States State Department, Donald Lu, delved into discussions about Pakistan’s reform agenda.
The talks focused on key areas such as broadening the tax base, streamlining the energy sector, and advancing privatisation efforts.
Accompanied by Elizabeth Horst, the Principal Deputy Assistant Secretary at the State Department, Ambassador Lu reaffirmed the United States’ commitment to strengthening bilateral relations with Pakistan.
The dialogue underscored the mutual interest in enhancing economic partnerships, with particular attention on sectors like alternative energy, agriculture, climate resilience, and the technology industry.
Minister Aurangzeb, who is currently in Washington for negotiations with the International Monetary Fund (IMF) regarding a new bailout package and to participate in World Bank meetings, has also engaged in sideline meetings with top US officials.
During these interactions, Aurangzeb highlighted the potential for American investments in Pakistan’s IT, renewable energy, agriculture, and mineral extraction industries.
Moreover, Aurangzeb committed to fostering close cooperation with the US International Development Finance Corporation (USIDFC) and the Export-Import Bank of the United States (Exim Bank) to facilitate mutual development goals.
In a separate engagement, USIDFC Chief Scott Nathan discussed the ongoing American investments in Pakistan, emphasizing sectors such as clean energy, financial inclusion, and flood relief efforts.
Nathan expressed his eagerness to expand these investments, reflecting on the productive discussions with Minister Aurangzeb and Pakistan’s Ambassador, Masood Khan, about increasing USIDFC’s investment portfolio in Islamabad and resolving outstanding bilateral issues amicably.
In addition to these meetings, Minister Aurangzeb had a busy schedule engaging with leaders of various global financial institutions.
In his meeting with World Bank President Ajay Banga, Aurangzeb showcased the progress Pakistan has made under the ongoing Stand-By Arrangement (SBA) with the IMF, and detailed the reforms implemented in areas like taxation, energy, and privatization.
The finance minister also led discussions with Asian Development Bank (ADB) President Masatsugu Asakawa, focusing on enhancing Pakistan’s partnership with the ADB. The discussions aimed at protecting Pakistan’s concessional financing envelope and exploring future project pipelines.
These series of meetings underscore the strategic efforts of Pakistan’s finance ministry to align its reform agenda with international standards and to seek collaborative avenues for economic development and investment with global partners, particularly the United States.
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