Washington D.C: Finance Minister Mr. Muhammad Aurangzeb continued his active participation on the fourth day at the World Bank Group and IMF Annual Meetings, engaging with global investors and international leaders. He outlined significant economic progress and strategic reforms across multiple sectors, and emphasized the collaborative efforts in increasing the tax-to-GDP ratio through a new National Fiscal Pact.
According to Press Information Department, Mr. Aurangzeb attended various forums with heavyweight financial institutions such as Citibank, Standard Chartered, and JP Morgan. He provided an update on Pakistan’s economic indicators, which he described as moving positively, thanks to reforms in taxation, energy, state-owned enterprises, and government rightsizing. Notable discussions included potential investments in Special Economic Zones and upcoming Power Purchase Agreements with Chinese IPPs.
The Minister also met with His Excellency Dr. Muhammad Sulaiman Al Jasser, President of the Islamic Development Bank, recognizing the IsDB’s support in sectors like energy and education, and its investment in the Mohmand dam project. Additionally, his discussions with the US Pakistan Business Council highlighted the strong trade ties with the U.S., with over 80 American firms operating in Pakistan. Mr. Aurangzeb invited further U.S. investments, citing the country’s large market and government incentives.
Engagements with international counterparts continued as Mr. Aurangzeb met with UK’s Minister of State Ms. Anneliese Dodds, discussing long-term developmental partnerships and a significant contribution to climate investment funds. He reassured UK firms of an improved investment climate, particularly in agriculture and technology sectors.
Further discussions with Ms. Anna Bjerde of the World Bank centered on Pakistan’s development priorities and the support for the Joint Domestic Resource Mobilization Initiative. The Finance Minister praised the World Bank’s decision to enhance funding mechanisms and expressed satisfaction with the IDA replenishment process.
At a forum hosted by the Bank of America Securities, Mr. Aurangzeb reiterated the government’s commitment to reforms under the Extended Fund Facility, including advancements in fiscal management and public sector enterprises.