Bangkok: Minister for Finance, Senator Muhammad Aurangzeb, met with Engineer Adeeb Y. Al Aama, Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC), to discuss financing cooperation and trade development. This meeting took place on the sidelines of the World Bank Group-IMF Annual Meetings in Bangkok, Thailand.
According to Radio Pakistan, the discussions centered around Pakistan’s economic progress, including stronger reserves and renewed access to international capital markets. Both parties reviewed the remaining financing tranche and deliberated on aligning borrowing costs with improved market conditions. They agreed to have technical teams explore pricing and financing-volume adjustments to arrive at a mutually acceptable solution. The Finance Minister also highlighted efforts to transition from costly, short-term borrowing to longer-maturity financing without increasing external debt. Discussions extended to digital product passports for supporting textile exports to the European Union and single-window connectivity to facilitate ASEAN trade, reaffirming their long-term partnership.
In a separate engagement, Finance Minister Aurangzeb met with Alibaba International Digital Commerce leadership to review cooperation on Pakistan’s digital economy. The dialogue covered digital payments, a cashless economy, and the transparent delivery of social protection payments. The Finance Minister acknowledged Alibaba’s support for SMEs and local brands through platforms like Daraz and Alibaba.com. Proposals to rationalize e-commerce taxation were invited, along with discussions on accelerating the Pakistan Single Window e-commerce platform and improving cross-border payment tracking.
Further meetings included discussions with UN Deputy Secretary-General Ms. Amina Mohammed on development financing, debt, and climate resilience. The Finance Minister emphasized the need for a stronger Global South voice and more responsive international financial institutions, stressing adequate financing for Sustainable Development Goals and poverty reduction. The importance of climate financing, simpler access to funds, and stronger capacity for preparing bankable projects was underscored, along with local currency financing to mitigate exchange rate risks.