Washington: Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has described the ongoing crisis in the Middle East as one of the most significant supply shocks in recent history. His remarks came during a high-level meeting in Washington, D.C., organized by the Managing Director of the International Monetary Fund, alongside finance ministers, central bank governors, and heads of regional financial institutions from the Middle East, North Africa, Afghanistan, and Pakistan, coinciding with the World Bank-IMF Spring Meetings.

According to Radio Pakistan, the Finance Minister underscored Pakistan’s commitment to transitioning from broad-based subsidies to more targeted support systems to protect the most vulnerable in society. He emphasized the importance of these measures in ensuring economic stability amidst the current supply challenges.

Earlier, while addressing the fifteenth Ministerial Meeting of the Coalition of Finance Ministers for Climate Action at the World Bank-IMF Spring Meetings, Aurangzeb expressed gratitude to Pakistan’s international partners for their ongoing support. He highlighted the significance of climate finance initiatives in strengthening the country’s climate resilience.