KARACHI: Finance Minister Muhammad Aurangzeb has voiced support for the operationalization of the Commonwealth Infrastructure and Financial Resilience Hub, as well as the Technical Assistance Fund for capacity building.
Speaking at the Commonwealth Finance Ministers’ Meeting in Washington D.C, he reiterated the central importance of climate financing for developing countries like Pakistan and emphasized the urgent need to operationalize mechanisms such as the Loss and Damage Fund.
The Finance Minister and his delegation had a key meeting with Director of the IMF’s Middle East and Central Asia Department Jihad Azour. Both sides exchanged views on Pakistan’s reform agenda and reaffirmed their shared commitment to sustaining the current momentum of reforms.
In another meeting, the Finance Minister had extensive engagement with Senior Managing Director of the World Bank Group Axel van Trotsenburg. He expressed appreciation for the World Bank’s continued commitment to Pakistan’s national development agenda.
The Minister reiterated that the climate crisis remains an existential challenge for Pakistan, referencing the devastation caused by recent floods and their severe impact on the agriculture sector and GDP growth. He emphasized the need for enhanced investment in climate adaptation and mitigation measures and agreed on the importance of mobilizing additional resources to manage future natural calamities.
In addition, the Finance Minister was hosted by the leadership and members of the U.S.-Pakistan Business Council. He briefed participants on the positive trajectory of Pakistan’s macroeconomic indicators and emphasized that private sector growth is vital to sustaining economic momentum.
He reaffirmed the government’s commitment to addressing business challenges and providing maximum relief. He highlighted the recent trade deal with the U.S. authorities and expressed optimism for enhanced government-to-government (G2G) and business-to-business (B2B) engagements in key sectors, including mining, agriculture, information technology, and pharmaceuticals.
