FinMin Aurangzeb meets with ADB and World Bank heads on important matters
Muhammad Aurangzeb, the minister of finance, conducted important talks on Wednesday with the leaders of many financial organizations and forums, including the Asian Development Bank and the World Bank.
According to specifics, Aurangzeb visited World Bank President Ajay Banga while in Washington for talks with the International Monetary Fund (IMF) over a potential fresh bailout package.
The finance minister highlighted during the meeting Pakistan’s advancements in the current stand-by agreement (SBA) with the IMF and the changes Islamabad has implemented concerning energy, taxes, and privatization.
The Washington-based lender reiterated its support for reforms and digitization programs, and both parties agreed that a 10-year rolling Country Framework Plan was necessary. The finance minister also invited the president of the World Bank to visit Pakistan.
Aurangzeb also oversaw the Pakistani delegation’s meeting with President Masatsugu Asakawa of the Asian Development Bank (ADB), during which the two parties talked about issues related to strengthening Islamabad’s relationship with the ADB and safeguarding the nation’s pool of concessional financing and upcoming project pipeline.
In addition, FinMin Aurangzeb discussed in his meeting with Scott Nathan, CEO of the United States International Development Finance Corporation (DFC), the possibility of expanding DFC’s investment in Islamabad and “amicable resolution of outstanding issues”.
The minister informed the top DFC official during the meeting of the government’s initiatives to boost the economy of the nation, including the actions taken to support creative financing models to maximize private sector investment and the potential of public-private partnerships.
Additionally, he restated Islamabad’s commitment to assisting both domestic and foreign companies in their endeavors to make investments in the nation.
The finmin and his Saudi counterpart, Mohammad AL-Jadaan, had a “constructive” discussion before to this, during which the latter reaffirmed support for Pakistan’s economic progress, especially through investments.
The finance ministers decided to increase the scope of the collaboration and expand the bilateral cooperation between Riyadh and Islamabad in many areas during their meeting,
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