WASHINGTON: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb had a busy first day of his official visit to the United States with a series of high-level meetings on the sidelines of the Annual Meetings of the International Monetary Fund and the World Bank Group (WBG) in Washington.
The minister and his delegation had a key meeting with Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, and his team, a news release said.
Both sides exchanged views on Pakistan’s reform agenda and reaffirmed their shared commitment to sustaining the current momentum of reforms, a news release said.
The meeting reviewed progress under the Second Review of the Extended Fund Facility (EFF) and acknowledged the importance of maintaining macroeconomic discipline.
Senator Aurangzeb also attended the Commonwealth Finance Ministers’ Meeting where he underscored the importance of prioritizing concrete actions to advance a resilient and prosperous Commonwealth.
He voiced support for the operationalization of the Commonwealth Infrastructure and Financial Resilience Hub, as well as the Technical Assistance Fund for peer review and capacity building.
The finance minister reiterated the central importance of climate financing for developing countries like Pakistan and emphasized the urgent need to operationalize mechanisms such as the Loss and Damage Fund.
In another meeting, Senator Aurangzeb had extensive engagement with Axel van Trotsenburg, Senior Managing Director of the World Bank Group.
He expressed appreciation for the World Bank’s continued commitment to Pakistan’s national development agenda.
The finance minister reiterated that the climate crisis remains an existential challenge for Pakistan, referencing the devastation caused by recent floods and their severe impact on the agriculture sector and GDP growth.
He emphasized the need for enhanced investment in climate adaptation and mitigation measures and agreed on the importance of mobilizing additional resources to manage future natural calamities.
In addition, the finance minister was hosted by the leadership and members of the US-Pakistan Business Council (USPBC).
He briefed participants on the positive trajectory of Pakistan’s macroeconomic indicators and emphasized that private sector growth is vital to sustaining economic momentum.
Senator Aurangzeb reaffirmed the government’s commitment to addressing business challenges and providing maximum relief.
He highlighted the recent trade deal with the US authorities and expressed optimism for enhanced government-to-government (G2G) and business-to-business (B2B) engagements in key sectors, including mining, agriculture, information technology, and pharmaceuticals.
The session concluded with an interactive Q&A, during which the Minister assured that genuine concerns raised by business leaders would be addressed.
Earlier, the finance minister held a productive meeting with Robert Kaproth, Assistant US Treasury Secretary for International Finance, and Counsellor Jonathan Greenstein.
During the discussion, the finance minister highlighted the strong economic fundamentals of Pakistan, underpinned by the ongoing IMF programme.
He welcomed the successful conclusion of negotiations with the US administration leading to a tariff deal and apprised the Treasury officials about Pakistan’s recent legislation to regulate virtual assets. He further invited US companies to explore investment opportunities in Pakistan’s oil and gas, mineral, agriculture, and information technology sectors.
Continuing his engagements, the finance minister met with Riccardo Puliti, Regional Vice President of the International Finance Corporation (IFC) for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan.
