WASHINGTON, October 26, 2024: Federal Minister for Finance and Revenue, Muhammad Aurangzeb, held a series of important meetings in Washington, discussing macroeconomic stabilization and development strategies with key global representatives.
In a meeting with S&P Global, Aurangzeb provided updates on fiscal consolidation measures and external account developments, noting improvements in key economic indicators. He expressed optimism that the agency would soon upgrade Pakistan’s credit rating, highlighting a decline in government financing costs that would ease debt servicing burdens.
During discussions with Geoffrey Pyatt, Assistant Secretary of State for Energy Resources in the U.S., the Finance Minister addressed challenges within Pakistan’s energy sector. He expressed gratitude for U.S. support in transitioning to renewable energy.
Aurangzeb participated in a panel at the World Bank’s high-level event “Growing Stronger: An Urgent Call to Improve Child Nutrition,” where he highlighted the alarming rates of child stunting in rural Pakistan. He called for a multisectoral approach to tackle this issue, emphasizing the need for reforms in taxation and energy subsidies to create fiscal space for vital investments in health and climate initiatives.
In a meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB), Aurangzeb commended the bank’s partnership with Pakistan and welcomed the launch of a new ADB office in Islamabad. He expressed hope for the swift finalization of the Country Partnership Framework and praised ADB’s support for a $500 million Policy Based Loan aimed at enhancing climate and disaster resilience.
Engaging with Deemah Al Yahya, Secretary General of the Digital Cooperation Organization, the Finance Minister highlighted Pakistan’s significant potential in the ICT sector. He underscored the government’s commitment to building an inclusive digital ecosystem and sought closer collaboration in digital infrastructure and skills development.
Aurangzeb also met with Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, thanking the bank for its timely financial support and discussing various lending options to diversify Pakistan’s financing base.
In discussions with Reta Jo Lewis, President of the U.S. Export-Import Bank, he called for enhanced collaboration between the two countries’ Exim Banks, particularly in the energy, minerals, and IT sectors, and sought clarification on U.S. financing requirements.
Additionally, the Finance Minister attended the Annual Meetings Plenary of the World Bank Group and IMF, participated in a media interview with Chinese Global Television Network (CGTN), and engaged in a Joint Constituency Reception hosted by World Bank and IMF Executive Directors.
These engagements reflect Pakistan’s commitment to economic reform, international cooperation, and addressing critical social issues as it navigates its development agenda.