Global Financial Institutions Back Pakistan’s Economic Reforms


Global financial institutions back Pakistan’s economic reforms

The pledge comes during the discussions between Pakistani delegation led by Finance Minister Muhammad Aurangzeb and the representatives of different global financial institutions.

WASHINGTON: (UrduPoint/UrduPoint / Pakistan Point News-April 17th, 2024) The global financial institutions including the World Bank (WB), Asian Development Bank (ADB), and International Finance Corporation (IFC) pledged their support for Pakistan's economic stabilization efforts.

The pledge comes during the sideline discussions at the IMF and World Bank-2024 Spring Meetings in Washington DC.

Leading the Pakistani delegation, Federal Minister for Finance and Revenue Muhammad Aurangzeb engaged with heads and representatives of these lending institutions.

Minister Aurangzeb, in talks with WB Group President Ajay Banga, praised the bank's consistent backing of Pakistan's development agenda. He highlighted the government's commitment to advancing vital reforms in taxation, energy, and privatization. The significance of digital technologies in governance enhancement and public service delivery was emphasized, with both parties agreeing on the importance of a ten-year rolling Country Framework Plan.

Ajay Banga pledged full support for Pakistan's reform and digitalization endeavors to foster economic stability. Discussions with ADB President Masatsugu Asakawa acknowledged ADB's partnership with Pakistan and its role in addressing macroeconomic imbalances, stabilizing the economy, and promoting growth.

Minister Aurangzeb also met with CEO of the U.S. International Development Finance Corporation (DFC), Scott Nathan, stressing Pakistan's commitment to attracting investments across various sectors and seeking DFC's assistance in potential projects.

During the IMF and World Bank-2024 Spring Meetings, Minister Aurangzeb participated in the G-24 Finance Ministers and Central Bank Governors’ Meeting, highlighting the importance of private sector engagement and addressing climate change impacts.

Discussions with Saudi Arabia's Finance Minister Mohammed Al-Jadaan and Türkiye’s Treasury and Finance Minister Mehmet Simsek aimed at deepening economic ties and bolstering bilateral trade and investment cooperation, particularly in power generation and distribution.

At a meeting with IFC Regional Vice President for MCT, Hela Cheikhrouhou, Minister Aurangzeb outlined Pakistan's structural reform agenda, appreciating IFC's efforts to improve the investment climate. Cheikhrouhou expressed interest in further collaboration, focusing on tailored financial solutions for sustainable development.