WASHINGTON: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a series of meetings with major global financial institutions and companies during the IMF and World Bank Spring Meetings in the United States.
The discussions focused on Pakistan’s economic improvement, promotion of investment, and plans for re-entering international capital markets.
During a meeting with J.P. Morgan’s team, the Finance Minister briefed them on Pakistan’s positive economic indicators and emphasised that sustainable development was essential for economic stability.
He also highlighted the government’s efforts to diversify markets and sectors and shared progress on the Reko Diq project.
The minister made it clear that the government intends to return to international capital markets through the issuance of Panda Bonds.
In this context, Senator Aurangzeb met with the Acting CEO of the U.S. International Development Finance Corporation (USDFC), Dev Jagadesan, where discussions were held on economic cooperation between Pakistan and the U.S., the Reko Diq project, and other investment opportunities.
The finance minister appreciated the participation of U.S. officials in the Pakistan Minerals Investment Forum and stressed the importance of expanding mutual cooperation.
While participating in an IMF panel discussion, the FM highlighted the importance of regional trade and the need to shift the economy towards export-led growth. He termed the IT sector as a “game changer” and emphasized integrating digital systems into public institutions.
In addition, the FM had a meeting with IFC Managing Director Makhtar Diop, during which he attributed Pakistan’s strong economic indicators and recent credit rating improvements to government reforms. He also praised the fast-tracking of the Karachi Airport project and IFC’s support in the Reko Diq project.
Aurangzeb also met with Baroness Chapman, the UK’s Minister of State for International Development.
The FM stressed the need to reduce human interaction between taxpayers and tax collectors through the use of technology. He also appreciated the role of REMIT in reviewing the past two years of development aid and in forming an effective communication strategy.
