ISLAMABAD
\nFederal Minister for Finance and Revenue Senator Muhammad Aurangzeb concluded his visit to Washington DC with a series of important meetings on the final day of his participation in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank.
\nThe minister met with the senior management of Abu Dhabi Commercial Bank (ADCB) and briefed them on the launch of Pakistan\u2019s Panda Bond and the refreshing of the Global Medium-Term Note (GMTN) programme, said a news release.
\nHe provided an update on the progress of the privatization programme, expressing optimism about the accelerated privatization of the national carrier.
\nSenator Aurangzeb informed the ADCB team that the Government of Pakistan was close to achieving financial close on the Reko Diq project and looked forward to the participation of Exim Bank.
\nHe encouraged the Bank to take direct exposure in Pakistan\u2019s financial sector and intermediate trade and investment flows.
\nIn a separate meeting with the senior management of JP Morgan, the Finance Minister shared details of the upcoming inaugural launch of the Green Panda Bond in the Chinese market. He also gave a comprehensive overview of the privatization programme, including the G2G sale of First Women Bank, recently approved by the Federal Cabinet.
\n Senator Aurangzeb highlighted growing U.S. company interest in the Reko Diq project and anticipated Exim Bank\u2019s early participation in the syndication process.
\nHe also discussed avenues for digital collaboration between Saudi Arabia and Pakistan through the GO AI Hub and encouraged JP Morgan to explore further areas of partnership.
\nThe Finance Minister also met with Mehmet Simsek, Minister of Treasury and Finance of T\u00fcrkiye, where both sides reaffirmed the strong bilateral ties and frequent leadership-level engagements between the two countries.
\nSenator Aurangzeb highlighted Pakistan\u2019s ongoing reforms in taxation, energy, state-owned enterprises (SOEs), privatization, and public finance.
\nHe referred to the World Bank-hosted event showcasing the transformation journey of Pakistan\u2019s Federal Board of Revenue (FBR) and agreed on the importance of enhancing the tax-to-GDP ratio and integrating data across government agencies.
\nIn his meeting with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), Senator Aurangzeb welcomed the IFC\u2019s decision to upgrade Pakistan as a regional hub.
\nHe briefed the MD on progress made on the Reko Diq project and expressed hope that Exim Bank would soon join the financing consortium.
\nThe minister appreciated IFC\u2019s ongoing support in subnational finance and Digital Payment Rights (DPR), as well as its advisory services in the pharmaceutical, electric vehicle (EV), and commodity exchange sectors.
\nHe also welcomed the forthcoming visit of the IFC Managing Director to Pakistan during the Spring Meetings and witnessed the signing of a Swap Agreement between the State Bank of Pakistan (SBP) and IFC.
\nSenator Aurangzeb also participated in the 15th V20 Ministerial Dialogue on \u201cCost of Capital, Debt & Growth Pathways.\u201d In his remarks, he highlighted the devastating impact of recurring floods in Pakistan, stressing the government\u2019s commitment to funding rescue and relief operations from its own resources.
\nHe appreciated the support of the CVF-V20 Secretariat in developing Pakistan\u2019s Climate Prosperity Plan (CPP) and noted that funding was available through the Country Partnership Framework (CPF) to operationalize it.
\nThe Minister called for the urgent operationalization of the Loss and Damage Fund and emphasized the need for expedited decision-making within the Green Climate Fund (GCF).
\nDuring his visit, the minister also engaged with US-based Pakistani media, where he provided a comprehensive briefing on his weeklong discussions and engagements with international financial institutions, partner countries, and private sector stakeholders.
\nSenator Muhammad Aurangzeb\u2019s participation in the IMF-World Bank Annual Meetings and his extensive engagements with global financial institutions reaffirm Pakistan\u2019s commitment to economic reform, fiscal responsibility, and international cooperation.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb concluded his visit to Washington DC with a series of important meetings on the final day of his participation in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank. The minister met with the senior management of Abu Dhabi Commercial Bank […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-509652","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n