Washington, D.C.: Senator Muhammad Aurangzeb, Pakistan’s Federal Minister for Finance and Revenue, engaged in a meeting with Baroness Jenny Chapman of Darlington, the United Kingdom’s Minister for International Development and Africa. The discussions took place during the World Bank-IMF Spring Meetings in Washington, D.C., focusing on macroeconomic outlook and development cooperation.

According to Press Information Department, the Finance Minister emphasized Pakistan’s robust relationship with the United Kingdom. He reported a current account surplus for the current fiscal year up to March and expressed the government’s dedication to achieving fiscal targets by June, acknowledging support from Saudi Arabia.

Senator Aurangzeb highlighted Pakistan’s re-entry into international capital markets after a four-year hiatus through a bond issuance. He detailed the government’s response to energy price challenges, including austerity measures, price adjustments, subsidies, and digital disbursements. Additionally, he mentioned a concluded Staff-Level Agreement with the International Monetary Fund, with the Executive Board’s decision anticipated soon.

On climate resilience, the Finance Minister shared that Pakistan financed disaster relief from its resources during recent floods, facilitated by enhanced fiscal buffers. He also outlined the establishment of a National Disaster Management Centre, integrating AI and satellite technology. Population growth was highlighted as a significant long-term challenge, recognized in the World Bank’s ten-year Country Partnership Framework for Pakistan.

The meeting concluded with the Finance Minister appreciating the contributions of the United Kingdom’s Foreign, Commonwealth and Development Office.