Pakistan Eyes Economic Boost with Bank Investments and SBP Rate Cut
He acknowledged the Bank’s role as a reliable partner in Pakistan’s progress and appreciated its financing in various sectors including energy, transportation, education, and health.
Muhammad Aurangzeb lauded the Bank’s investment in the Mohmand Dam, along with other members of the Arab Coordination Group, as a model for co-financing similar or larger projects in the future.
The finance minister also held a meeting with the leadership of Mashreq Bank.
He appreciated the Bank’s longstanding partnership with Pakistan and highlighted the performance of the economy over the past year.
Aurangzeb expressed satisfaction that the Bank is expanding its operations in Pakistan and would soon launch a new office.
SBP can further slash interest rate in November, says Aurangzeb
Meanwhile, Muhammad Aurangzeb also held a meeting with the representatives of JP Morgan Bank in Washington.
He provided an overview of Pakistan’s economic outlook improvements and emphasized the IMF’s Extended Fund Facility’s importance in lending permanence to macroeconomic stability and executing structural reforms.
The finance minister highlighted significant reforms in taxation, privatization, and the overhauling of state-owned enterprises.
He also expressed Pakistan’s resolve to tap into International Capital Markets through the issuance of its inaugural Panda Bond.
Earlier, Finance Minister Muhammad Aurangzeb Wednesday hinted State Bank of Pakistan (SBP) might further slash interest rates in November’s Monetary Policy.
“SBP has cut its benchmark interest rate for three consecutive meetings by 450 basis points to 17.5 percent from a record 22 percent. The next meeting on Nov 4 may see the central bank reduce the policy rate, Muhammad Aurangzeb in an interview with Bloomberg in Washington on the sidelines of the IMF meeting.
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