During his meeting with Pakistan’s Finance Minister, Muhammad Aurangzeb, Ajay Banga, the President of the World Bank Group, expressed strong support for the nation’s ongoing economic reforms. The discussion took place as part of Aurangzeb’s visit to Washington for the spring meetings of the International Monetary Fund (IMF) and World Bank.
According to a statement released by the Ministry of Finance, Aurangzeb highlighted Pakistan’s advancements under the International Monetary Fund’s (IMF) 9-month Stand-By Arrangement (SBA), emphasizing progress in key areas such as taxation, energy, and privatization.
The statement also revealed consensus on the necessity of establishing a rolling Country Framework Plan spanning 10 years.
The $3-billion SBA program, initiated last summer, is set to conclude this month, with Pakistan anticipating the receipt of the final tranche totaling $1.1 billion in April. Concurrently, discussions have commenced with the World Bank for a new multi-billion dollar loan agreement to bolster the country’s economic reform efforts.
In his assurances of support, the President of the World Bank emphasized backing for Pakistan’s reform and digitalization endeavors aimed at stabilizing the economy and augmenting revenues. Furthermore, Aurangzeb extended an invitation for the World Bank President to visit Pakistan.
Aurangzeb also held a separate meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB), focusing on enhancing Pakistan’s collaboration with ADB, safeguarding concessional financing, and outlining future project prospects.
Moreover, the Finance Minister engaged in discussions with Scott Nathan, CEO of the US International Development Finance Corporation (DFC), exploring avenues for expanding DFC investments in Pakistan following the resolution of outstanding issues. The statement highlighted the government’s endorsement of innovative financing models to stimulate private sector investment and tap into the potential of Public-Private Partnerships (PPPs).
Aurangzeb reiterated the government’s unwavering commitment to providing comprehensive support for investment initiatives by both local and foreign investors in Pakistan.
