Islamabad: Finance Minister Muhammad Aurangzeb has recently articulated his gratitude for the diverse support provided by international financial institutions, including the Asian Development Bank (ADB) and Dubai Islamic Bank, which are aiding Pakistan’s economic stability and development initiatives.
According to Ministry of Information and Broadcasting, in a series of meetings held in Washington, Minister Aurangzeb met with Masatsugu Asakawa, President of the ADB, and Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank. Discussions with ADB focused on the impactful collaboration between the bank and Pakistan, particularly appreciating the new ADB office in Islamabad and the proposed USD 500 million policy-based loan for enhancing climate and disaster resilience, slated for review by the ADB Board later this month. The Minister highlighted the completion of the Capital Adequacy Framework and a significant relief through the exemption from surcharges, which will support Pakistan’s financial planning and implementation.
In his dialogue with the Dubai Islamic Bank’s CEO, the Minister thanked the bank for its assistance in bridging Pakistan’s financing gaps and discussed plans for the bank’s expansion in Pakistan. This discussion also touched upon Pakistan’s improved credit ratings by Fitch and Moody’s, and the country’s strategies to engage more deeply in International Capital Markets through instruments like the inaugural Panda Bond.
Additionally, Minister Aurangzeb’s engagements included a significant interaction with representatives from Moody’s, where he expressed appreciation for the upgrade of Pakistan’s credit rating to Caa2. This meeting served to brief the agency on Pakistan’s efforts towards maintaining debt sustainability, enforcing fiscal discipline, and enhancing governance strength across its financial markets.
These meetings underscore Pakistan’s proactive approach in strengthening economic governance and deepening its engagements with global financial partners to support its development trajectory and economic reforms.