WASHINGTON: Leading global financial organizations, including the World Bank (WB), Asian Development Bank (ADB), and International Finance Corporation (IFC), have pledged their support for Pakistan’s economic stabilization initiatives through structural reforms, digital transformation, and privatization endeavors.
The assurance was extended during sideline meetings of Federal Minister for Finance and Revenue Muhammad Aurangzeb, who is leading a Pakistan delegation at the IMF and World Bank-2024 Spring Meetings in Washington DC, with heads and representatives of these global lending institutions.
In discussions with WB Group President Ajay Banga, the finance minister expressed gratitude for the bank’s ongoing support in advancing Pakistan’s development agenda. He emphasized the government’s commitment to implementing significant reforms in taxation, energy, and privatization sectors. Highlighting the role of digital technologies in governance and public service delivery, he sought closer collaboration with the WB to pursue revenue reform and timely investments to enhance domestic revenue mobilization.
Both sides concurred on the necessity of a rolling Country Framework Plan for ten years. Ajay Banga assured full support for Pakistan’s reform and digitalization efforts to stabilize the economy.
In a meeting with WB Senior Managing Director Axel Van Trotsenburg, Finance Minister Aurangzeb explored maximizing Regional IDA resources for development projects in Pakistan, including flood-affected areas. He extended an invitation to the President to visit Pakistan at his earliest convenience.
During discussions with President of the Asian Development Bank Masatsugu Asakawa, Aurangzeb acknowledged ADB’s partnership with Pakistan and emphasized ongoing projects and future collaboration. Asakawa reaffirmed ADB’s commitment to supporting Pakistan’s sustainable development goals.
In a meeting with Hela Cheikhrouhou, Regional Vice President for MCT at the International Finance Corporation (IFC), Aurangzeb briefed her on the government’s structural reform agenda and appreciated IFC’s efforts in enhancing the investment climate in Pakistan. Cheikhrouhou expressed interest in furthering collaborative efforts, particularly in key sectors like securitization of remittances, mining, airport management, and capacity building.
Aurangzeb also met with CEO of the US International Development Finance Corporation (DFC) Scott Nathan, highlighting Pakistan’s commitment to attract investments across various sectors. Nathan appreciated Pakistan’s progress under the structural reforms agenda and expressed interest in continuing collaboration.
On the sidelines of the IMF and World Bank-2024 Spring Meetings, Aurangzeb attended the G-24 Finance Ministers and Central Bank Governors’ Meeting, discussing sustainable economic growth and financial stability. He emphasized the importance of private sector engagement and highlighted Pakistan’s vulnerability to climate change.
In his meeting with Mohammed Al-Jadaan, Finance Minister of Saudi Arabia, Aurangzeb expressed gratitude for Saudi Arabia’s financial support to Pakistan. They discussed deepening economic and investment relations between the two countries.
At the V20 Ministerial Dialogue XII, Aurangzeb highlighted Pakistan’s vulnerability to climate-induced disasters and emphasized the need for developed countries to fulfill their financial commitments. He also stressed Pakistan’s efforts to establish the Loss and Damage Fund at COP 27.
During his meeting with Türkiye’s Treasury and Finance Minister Mehmet Simsek, Aurangzeb acknowledged existing bilateral relations and discussed the need to deepen cooperation, particularly in trade and investment. They agreed to enhance collaboration and benefit from Türkiye’s experience in power generation and distribution.
, Asian Development Bank (ADB), and International Finance Corporation (IFC), have pledged their support for Pakistan's economic stabilization initiatives through structural reforms, digital transformation, and privatization endeavors.){kind=link}