Finance Minister Muhammad Aurangzeb met World Bank (WB) President Ajay Banga in Washington and briefed him on the government’s efforts in response to the floods, the Finance Ministry said on Saturday.
The meeting was held on the sidelines of the plenary meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington, DC, where Aurangzeb arrived on Sunday on a six-day trip from October 13 to 18.
In a statement issued today, the ministry said Aurangzeb briefed Banga on the government’s comprehensive flood response efforts and appreciated the Bank’s timely support following the completion of the post-flood damage assessment.
The minister also endorsed the proposal to leverage technology platforms and cooperatives to “effectively reach smallholder farmers and improve agricultural resilience,” the statement said. Aurangzeb also thanked the WB for “its technical assistance” in developing Pakistan’s tariff policy, he added.
The statement said Aurangzeb informed Banga about the MoUs signed with the provinces for the implementation of the Country Partnership Framework (CPF).
He also recalled Prime Minister Shehbaz Sharif’s commitment to Banga during the United Nations General Assembly (UNGA) session and reaffirmed Pakistan’s commitment to “deepen its partnership” with the World Bank.
“The minister also requested additional support under the International Development Association (IDA) windows in light of reduced allocations and discussed the importance of taking a holistic approach to reform Pakistan’s gas and power sectors to ensure long-term sustainability and efficiency,” the statement said.
Fitch Ratings
In a separate meeting, Aurangzeb met officials of Fitch Ratings and thanked the agency for upgrading Pakistan’s credit rating to B- with stable outlook.
The minister expressed satisfaction that the three major international rating agencies were now aligned in their assessments of Pakistan’s economy, the ministry said.
He also briefed the Fitch team on the recently announced Staff Level Agreement (SLA) with the Fund.
Aurangzeb outlined “Pakistan’s progress on key structural reforms in tax, energy, privatization and state-owned enterprises.”
The statement added that the minister reiterated the government’s commitment to accelerate the privatization process to improve efficiency and ensure fiscal sustainability.
Aurangzeb also briefed the Fitch delegation on the government’s current efforts to issue Panda bonds in the Chinese market and highlighted successful trade and tariff negotiations with the US administration, which he said had led to more competitive tariff rates for Pakistan.
Aurangzeb meets British minister
The Chancellor of the Exchequer also met in Washington with the UK Minister for International Development and the Baroness of Africa, Jenny Chapman.
“The Finance Minister appreciated the UK’s long-standing development partnership and support for Pakistan’s reform and growth agenda. He particularly recognized the continued collaboration in the development of the Digital Dashboard initiative aimed at improving transparency and efficiency in project tracking,” the ministry said.
Aurangzeb also underlined the importance of enhancing consultations with relevant stakeholders in the selection and implementation of development projects to “ensure alignment with national priorities.”
“He emphasized the need for greater visibility and coordination on extra-budgetary projects to improve oversight and results,” he said, adding that both sides reaffirmed their commitment to “further strengthen development cooperation between Pakistan and the United Kingdom.”
Round table
Meanwhile, Aurangzeb also participated in a panel discussion titled “Challenges and Opportunities for the Pakistani Economy to 2025 and Beyond” which was organized by the Peterson Institute for International Economics (PIIE).
He briefed participants on Pakistan’s recent macroeconomic progress, including the staff-level agreement reached with the Fund and subsequent credit rating upgrades by major international rating agencies.
He highlighted the ongoing transformation of the Federal Board of Revenue (FBR).
“The minister also provided an update on the pace of privatization and reaffirmed the government’s commitment to maintaining the momentum of reforms,” the ministry said.
Aurangzeb also noted that recent geopolitical developments were “favorable for Pakistan” and had opened new avenues for economic cooperation and investment, he added.
