FinMin Aurangzeb holds key meetings with World Bank, ADB chiefs

World Bank president reaffirmed global lender's support for Islamabad's reforms and digitisation programmes

By
Business Desk
Pakistani delegation led by Minister of Finance Muhammad Aurangzeb (left) meets World Bank President Ajay Banga in Washington on April 17, 2024. — X/@Financegovpk
Pakistani delegation led by Minister of Finance Muhammad Aurangzeb (left) meets World Bank President Ajay Banga in Washington on April 17, 2024. — X/@Financegovpk
  • WB reaffirms support fo reforms, digitalisation programmes.
  • Aurangzeb reiterates commitment to support local, foreign investors.
  • FinMin mulls expansion of DFC's investments, resolution of issues.

Minister of Finance Muhammad Aurangzeb Wednesday held key meetings with various heads of various financial institutions and forums including the heads of World Bank and Asian Development Bank.

As per details, Aurangzeb, who is in Washington to hold negotiations with the International Monetary Fund (IMF) for a new bailout package and attend World Bank meetings, met WB President Ajay Banga. 

During the meeting, the finance minister accentuated Pakistan's progress in the ongoing stand-by arrangement (SBA) with the IMF and the reforms undertaken by Islamabad with regards to taxation, energy and privatisation.

With both sides agreeing upon the need for a 10-year rolling Country Framework Plan and the Washington-based lender reaffirming its support for reforms and digitisation programmes, the finance minister also extended an invitation to the WB president to visit Pakistan.

Pakistani delegation led by Minister of Finance Muhammad Aurangzeb (right) meets ADB President Masatsugu Asakawa in Washington on April 17, 2024. — X/@Financegovpk
Pakistani delegation led by Minister of Finance Muhammad Aurangzeb (right) meets ADB President Masatsugu Asakawa in Washington on April 17, 2024. — X/@Financegovpk 

Separately, Aurangzeb also led the Pakistani delegation's meeting with Asian Development Bank (ADB) President Masatsugu Asakawa which saw the two sides discussing matters pertaining to further enhancing Islamabad's partnership with the ADB protecting the country's envelope of concessional financing and future project pipeline.

Furthermore, during his meeting with United States International Development Finance Corporation (DFC) CEO, Scott Nathan, FinMin Aurangzeb mulled over the prospects of widening DFC's investment in Islamabad and "amicable resolution of outstanding issues".

Finance Minister Muhammad Aurangzeb shakes hands with DFC CEO Scott Nathan in Washington on April 17, 2024. — X/@Financegovpk
Finance Minister Muhammad Aurangzeb shakes hands with DFC CEO Scott Nathan in Washington on April 17, 2024. — X/@Financegovpk

During the meeting, the minister apprised the senior DFC official of the government's measures towards improving the country's economy including the steps taken to encourage innovative financing models to leverage private sector investment and the potential of public-private partnerships.

He also reiterated Islamabad's resolve to support investment initiatives taken by local and foreign investors in the country.

Pakistani delegation led by Minister of Finance Muhammad Aurangzeb (left) meets Saudi Foreign Minister  Mohammad AL-Jadaan in Washington on April 16, 2024. — X/@Financegovpk
Pakistani delegation led by Minister of Finance Muhammad Aurangzeb (left) meets Saudi Foreign Minister  Mohammad AL-Jadaan in Washington on April 16, 2024. — X/@Financegovpk

Before this, the finmin had a "constructive" meeting with his Saudi counterpart Mohammad AL-Jadaan wherein the latter reiterated support for Pakistan’s economic growth including through investments.

During the meeting, the finance ministers agreed to further broaden the bilateral cooperation and scale up the partnership between Islamabad and Riyadh in diverse fields.