Islamabad : March 19,2024: Ambassador of the United States to Pakistan, Mr. Donald Blome, paid a courtesy visit to Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, at the Finance Division today (Tuesday) to discuss important matters related to bilateral cooperation and mutual interests between Pakistan and the United States.
Ambassador of the US, Mr. Donald Blome, extended felicitations to Mr. Muhammad Aurangzeb upon his appointment as Minister for Finance and Revenue and conveyed confidence towards further strengthening of economic ties between the two countries.
Minister for Finance & Revenue Mr. Muhammad Aurangzeb warmly welcomed Mr. Donald Blome and underscored the significance of Pakistan-US bilateral relations, highlighting their importance at political, economic, and security levels.
Minister Aurangzeb shared that the new government is fully prepared to tackle the economic challenges and is determined to bring about macroeconomic stability in the country. He reiterated the government’s commitment to completing the ongoing IMF program and continuing the economic reform process initiated under the Extended Fund Facility (EFF) 2019 and Stand-By Arrangement (SBA) 2023, with a focus on achieving fiscal and debt sustainability, social protection, and rebuilding foreign exchange reserves.
Highlighting the priority areas for reforms, Minister Aurangzeb outlined the the government’s foremost priority of bringing reforms in the Federal Board of Revenue (FBR) to prevent revenue leakages through end-to-end digitization, enhancing the State-Owned Enterprise (SOE) reforms, strengthening social protection measures, improving public financial management, implementing energy sector reforms, removing distortionary subsidies, and fostering private sector-led economic growth. Recognizing the United States as one of Pakistan’s largest trading partners and a significant source of foreign direct investment, Minister Aurangzeb expressed appreciation for the economic ties between the two nations.
Ambassador Blome congratulated Government on positive step taken so far that resulted in visibly positive signs in the economy and hoped that it will help further stabilise the economy.
Concluding the meeting, both sides acknowledged the critical nature of the relationship between Pakistan and the United States and expressed the desire to continue enhancing bilateral relations between the two countries.
Later , ambassador of China H.E. Mr. Jiang Zaidong called on Minister for Finance & Revenue Mr. Muhammad Aurangzeb to discuss key matters pertaining to economic cooperation and bilateral relations between Pakistan and China, at Finance Division.
Ambassador of China H.E. Mr. Jiang Zaidong extended felicitations to Mr. Muhammad Aurangzeb upon his appointment as Federal Minister for Finance and Revenue and expressed confidence towards further strengthening of economic ties between the two countries.
Minister for Finance & Revenue Mr. Muhammad Aurangzeb expressed gratitude towards the Chinese leadership for their invaluable support to Pakistan in various sectors, particularly highlighting the roll-over of SAFE deposits and the refinancing of commercial loans, which have significantly contributed to Pakistan’s economic stability. He further emphasized the paramount importance of the China-Pakistan Economic Corridor (CPEC) in Pakistan’s growth strategy and overall economic recovery.
Both sides agreed to advance their collaboration in various sectors, including industrial zones, agriculture, mineral and mining, as well as renewable energy. It was discussed that next phase of CPEC would focus on monetisation of gains made during the first phase.
Concluding the meeting, both sides reiterated the desire to collaborate closely to further deepen and enhance the economic relationship between the two countries, reflecting the strong bonds of friendship and cooperation that exist between Pakistan and China.
