ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb held discussions with leaders of various international finance institutions (IFIs) in Washington on Thursday, reaffirming Pakistan’s dedication to entering global capital markets through the issuance of its inaugural Panda Bond.
These talks took place during the World Bank-IMF Annual Meetings, where Aurangzeb is leading a delegation from Pakistan, which includes Finance Secretary Imdad Ullah Bosal, Secretary of Economic Affairs Dr. Kazim Niaz, and State Bank of Pakistan (SBP) Governor Jameel Ahmad.
In a meeting with Islamic Development Bank (IsDB) President Dr. Muhammad Sulaiman Al Jasser, the minister recognized the bank’s vital role as a partner in Pakistan’s development, highlighting its contributions across sectors such as energy, transportation, education, and health. He also noted the recent visit of Saudi Minister for Investment Khalid A Al-Falih to Pakistan, aimed at fostering business relationships with the private sector.
Aurangzeb commended the IsDB’s investment in the Mohmand Dam and suggested that it could serve as a model for future co-financing initiatives.
Additionally, the finance minister met with representatives from JP Morgan Bank, where he provided insights into the improved economic outlook for Pakistan following a successful Stand-By Arrangement (SBA). He emphasized the importance of the Extended Fund Facility (EFF) in stabilizing macroeconomic conditions and facilitating essential structural reforms, particularly in taxation, privatization, and the restructuring of state-owned enterprises (SOEs).
During his discussions with World Bank Managing Director of Operations, Ms. Anna Bjerde, Aurangzeb addressed Pakistan’s development priorities and introduced the Joint Domestic Resource Mobilization Initiative (JDRMI), supported by both the World Bank and IMF. He expressed gratitude for the Board’s decision to waive commitment fees for four years on certain financing instruments and welcomed discussions regarding grant facilities for project preparation.
The finance minister also urged for capacity-building workshops for implementing agencies to enhance project preparation and implementation.
In his meeting with Mashreq Bank leadership, he expressed satisfaction with the bank’s expansion plans in Pakistan and anticipated swift approval for its digital banking license.
Furthermore, Aurangzeb met with Ms. Anneliese Dodds, UK Minister of State for Development, Women and Equalities, where he praised the enduring partnership between the UK and Pakistan in development efforts. He welcomed the UK’s $120 million contribution to the IFC’s Climate Investment Funds for Pakistan and invited UK companies to explore investment opportunities in agriculture, IT, mining, and renewable energy.
Lastly, Aurangzeb participated in a Small Talks Forum hosted by Bank of America (BofA) Securities, where he outlined the government’s macroeconomic stabilization strategies and reaffirmed commitment to ongoing reforms under the EFF in key sectors. He reiterated Pakistan’s intention to engage with international capital markets in the near future and encouraged partnerships in various sectors to leverage the improved investment climate.
