Washington, D.C.: Senator Muhammad Aurangzeb, Pakistan’s Federal Minister for Finance and Revenue, engaged in a meeting with Mr. Masato Kanda, President of the Asian Development Bank, during the World Bank-IMF Spring Meetings in Washington, D.C. The discussions focused on enhancing bilateral cooperation and addressing financial and economic challenges.

According to Press Information Department, the Finance Minister emphasized the significance of the recently signed Country Partnership Strategy, which aims to further cooperation between Pakistan and the ADB. He expressed gratitude to President Kanda for the ADB’s support in credit enhancement for Pakistan’s Panda Bond issuance. Furthermore, the minister updated on the successful completion of the Staff-Level Agreement with the International Monetary Fund for the Extended Fund Facility and the Resilience and Sustainability Facility, expressing optimism for favorable outcomes from the Executive Board.

In the meeting, the Finance Minister described the current crisis as a supply shock and outlined Pakistan’s policy measures to mitigate its effects, including strategies related to fuel management, logistics, and subsidies. He also acknowledged the concerns raised by President Kanda regarding disruptions in fertilizer supply chains, potential impacts on agriculture, and financial market volatility. Lastly, an invitation was extended to President Kanda to visit Pakistan, on behalf of the Prime Minister.