Islamabad:
The Minister of Finance Muhammad Aurangzeb stressed the importance of climate resilience, attracting foreign investments and promoting economic diversification.
He stressed it in a series of high -level commitments on the sidelines of the World Bank and spring meetings of the International Monetary Fund in Washington.
According to a press release published by the Ministry of Finance here on Saturday, during the high -level dialogue of the fund to respond to losses and damage (FRLD), he underlined climate change as an existential threat to Pakistan, recalling the devastating floods of 2022.
He underlined the urgent need to operationalize the loss and damage fund with mechanisms of simplicity, agility and robust responsibility, urging faster disbursements to vulnerable nations.
During a meeting with Hiroshi Matano, executive vice-president of the Multilalateal Investment guaranteed Agency (MIGA), AURANGZEB appreciated MIGA’s efforts to resolve the Star Hydro Power litigation and promised full support for a potential commercial financing plant.
He praised Miga’s next mission in Pakistan and expressed his hope of finalizing the agreement this year.
The Minister of Finance also held a productive meeting with Thomas Lersten, a senior official of the US State Department, thanking the United States for his strong participation in the mineral conference in Pakistan.
He reiterated Pakistan’s desire for constructive engagement to resolve tariff problems, for which a commercial delegation and high-level investment were to visit the United States.
During discussions with Makhtar Diop, Director General of International Finance Corporation (IFC), the Minister underlined the solid macroeconomic indicators of Pakistan, including the recent upgrading of Fitch credit rating.
He urged accelerated advisory work at Karachi airport and underlined the strengthening of the capacity for infringing governance.
The Minister of Finance also met with main representatives of the American Export Bank, led by Jim Barrows and informed them of the improvement of macroeconomic fundamentals and pakistan budgetary consolidation measures, highlighting the staff agreement with the IMF under the EFR and the RSF.
By offering them an update on the Reko Diq project, the Minister of Finance called for an improvement in Exim Bank Support for American Investment in Pakistan, expressing the desire to solve the tariff problems.
In talks with JP Morgan Chase, the Minister of Finance underlined the stable economic trajectory of Pakistan and plans to diversify the markets. He reiterated Pakistan’s intention to return to international capital markets through an inaugural panda bond issue.
While speaking during a round table of the IMF on “navigation in an uncertain world”, Minister Aurangzeb stressed the importance of promoting regional trade in the middle of global uncertainty.
He pleaded for the diversification of the sector and the market and a transition from the substitution of imports to the growth led by export, identifying the computer sector as a key engine.
Later, the Minister of Finance met Dev Jagadesan, acting CEO of the US International Development Finance Corporation (DFC), to discuss the project pipelines, notably Reko Diq, and potential American-Pakistani cooperation.
The Minister also met the Baroness Chapman, Minister of State for International Development of the United Kingdom and thanked it for the long-standing partnership of the United Kingdom with Pakistan.
He informed it of the framework of the National Bank’s 10 -year partnership (CPF), people and climate resilience.
