The Federal Minister for Finance and Income, Senator Muhammad Aurangzeb, called for an urgent international action on climate resilience and economic diversification during high -level commitments during spring meetings in 2025 of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, DC.
Speaking to dialogue for the fund to respond to losses and damage (FRLD), Aurangzeb called climate change as an existential threat to Pakistan, citing the floods of 2022.
He urged the rapid operationalization of the loss and damage fund with simple, agile and responsible mechanisms to ensure a timely disbursement for vulnerable countries.
In a series of bilateral meetings, Aurangzeb discussed foreign investments, economic reform and climate financing.
In talks with Hiroshi Matano, executive vice-president of the Multilalateal Investment guaranteed Agency (MIGA), the minister expressed his appreciation for the role of MIGA in the resolution of the dispute of the Star Hydro project and praised his mission planned in Pakistan later this year.
He also met Thomas Lersten, a senior US State Department official, thanking Washington for supporting the Pakistan mineral conference and stressing the need to resolve tariff challenges.
Aurangzeb said that a delegation of high-level trade and investment in Pakistan will soon go to economic cooperation in the United States to deepen economic cooperation.
During discussions with the Director General of the International Finance Corporation (IFC), Makhtar Diop, the Minister underlined the macroeconomic indicators for the improvement of Pakistan, including the recent upgrading of Fitch credit rating.
He called for accelerating IFC advisory support at Karachi airport and strengthening capacities at the infranational level.
During a meeting with the United States Export-Import Bank, Aurangzeb informed senior officials of budgetary reforms and the progress of Pakistan as part of the installation of the Extended IMF fund (EFF) and resilience and ease of sustainability (RSF).
He urged greater support for American investments in strategic sectors, including the Reko Diq project.
He also had interviews with JP Morgan Chase, where he reaffirmed the stable macroeconomic perspectives of Pakistan and plans to diversify the markets.
The Minister expressed Pakistan’s desire to reintegrate international capital markets through a Panda bond issue.
In a panel of the IMF entitled “Navigation of an uncertain world”, Aurangzeb stressed the importance of regional trade, economic diversification and growth led by export, with a particular accent on technology and computer sectors as growth motors.
Later, the Minister discussed the finance of development with Dev Jagadesan, acting CEO of the US International Development Finance Corporation (DFC), and met the Baroness Jenny Chapman, British Minister of State for International Development.
Aurangzeb thanked the United Kingdom for its long-standing development partnership and has shared progress as part of the World Bank’s 10-year partnership for Pakistan, which prioritizes climate resilience and demographic strategies. He also praised the UK’s delivery initiative to improve the transparency of development aid.
