The Minister of Finance and Revenue, Muhammad Aurangzeb, went to a meeting organized by the World Bank called the “Roundtable on Implementing for Faster Results and Greater Impact.” He spoke there and praised the World Bank for their smart thinking and their useful report named “From Swimming in the Sand to High and Sustainable Growth.”
The report gave a plan for Pakistan to become a richer country by 2047, with the economy possibly growing from over US$ 300 billion to US$ 3 trillion. Aurangzeb said it’s good that the World Bank is focusing on climate change, digitalization, and making people’s lives better, which are also important for the government.
The Finance Minister also liked the World Bank’s idea to launch a single platform to make their work better.
The minister also had a meeting with representatives from Moody’s Investor Service during the World Bank Group-IMF Spring Meetings in Washington D.C.
He also answered questions about inflation, how much money Pakistan has in foreign banks, paying back debts, how much risk there is for Pakistan’s economy from other countries, and how much money is available in Pakistan’s own banks. He said he believes the government can handle these problems and make the economy better. He also said he hopes Moody’s will give Pakistan a better credit rating soon, which would show that Pakistan’s economy is getting stronger and the government is serious about making changes.
Meeting with Investors
The Finance Minister joined an important meeting called the “Roundtable with Investors” to talk about how Pakistan’s economy is doing well and what the government plans to do next. He told the investors about how inflation in Pakistan is going down, the currency is staying stable, the farming sector is growing strong, people are sending more money back to Pakistan, the foreign money in Pakistan’s banks is increasing, and the stock market is doing well. He said all these good signs mean Pakistan’s economy is looking better.
He also said the government wants to make a bigger deal with the International Monetary Fund (IMF) to keep improving the economy, after the successful deal they made before.
The Finance Minister also talked about the main things the government wants to work on, like fixing taxes, making energy better, and selling off some state-owned businesses. He mentioned that the World Bank is also focusing on things like climate change, using more technology, and making sure people have the skills they need, which matches up with what the government wants to do.
The investors were happy to see the government working to make the economy stronger and said they’re interested in investing more in Pakistan.
Saudi Fund for Development
The Finance Minister also had a meeting with Sultan Abdulrahman Al-Marshad, who is the CEO of the Saudi Fund for Development (SFD). They talked about how Pakistan and Saudi Arabia can work together more closely on economic stuff.
The Finance Minister told Al-Marshad about his recent trip to Saudi Arabia and a visit from some important people from Saudi Arabia to Pakistan. Both sides looked at the progress of projects they’re already working on and were happy with how things are going.
The Finance Minister also talked about getting money for projects that are still going on, like building the Diamer Bhasha Dam and making the N-25 highway better from Karachi to Chaman. He said Pakistan will show Saudi investors projects that are worth investing in, showing that Pakistan is a good place to put money into.
The Finance Minister also met with Andrew Mitchell, who is the UK’s Minister of State for Development and Africa. They talked about how Pakistan and the UK have been friends for a long time and help each other out in different ways. The Finance Minister said thanks for the UK’s help in things like education, health, managing money, and making sure the government works well.
He told Mitchell about how Pakistan’s economy is looking better and what the government wants to work on next, like fixing taxes and making energy and state-owned businesses better. He asked British International Investment (BII) to think about investing in projects in Pakistan and said thanks to Mitchell for planning to visit Pakistan in August 2024.
Citibank Talks
Finance Minister Muhammad Aurangzeb had a meeting with officials from Citibank. He told them about the good signs in Pakistan’s economy, like how the stock market is doing well, more foreign buyers are interested in Pakistan, and big investors are putting money into Pakistan because of the agreement with the IMF. He said Pakistan paid back the Eurobond on time, which is a type of loan.
He also said the government is talking to the IMF about making an even bigger deal, and they’re serious about making changes to taxes, fixing the energy sector, and making state-owned businesses better.
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As part of his media appearances, the Finance Minister conducted interviews with Reuters and China Global Television Network (CGTN).
The Finance Minister is heading Pakistan’s team at the IMF/World Bank’s 2024 Spring Meetings in Washington DC.
The delegation also includes Imdadullah Bosal, the Finance Secretary, Dr. Kazim Niaz, Secretary of Economic Affairs Division, Jameel Ahmed, the Governor of the State Bank of Pakistan, and Adil Akbar Khan, Senior Joint Secretary of the Economic Affairs Division.