The Finance Minister of Pakistan, Muhammad Aurangzeb, met with the President of the World Bank Group, Ajay Banga, in Washington on Tuesday. They talked about Pakistan’s economy and the changes it needs.
They decided to make a plan for the next 10 years to help Pakistan. President Ajay Banga promised to help Pakistan with its reforms and using technology to make the economy better. The Foreign Minister invited the President to visit Pakistan soon.
Aurangzeb thanked the World Bank for always helping Pakistan with its development plans. He talked about how the government is dedicated to making big changes in taxes, energy, and selling government-owned businesses.
He stressed how important digital technology is for making government better and providing services to people. He also mentioned that the government wants to work closely with the World Bank to improve how money is collected and spent, and to invest in important areas to make more money for the country.
Meeting With International Finance Corporation
On Tuesday, Aurangzeb also had a meeting with Hela Cheikhrouhou, who is the Regional Vice President for MCT at the International Finance Corporation (IFC). He told her about the government’s plan to make big changes in taxes, energy, and selling government-owned businesses. He praised IFC for helping to make Pakistan a better place for businesses to invest, especially by helping to improve how easy it is to do business both nationally and in the provinces, and by working towards making sure everyone has access to financial services.
Private Sector, Climate Change
Aurangzeb took part in the G-24 Finance Ministers and Central Bank Governors’ Meeting during the IMF/World Bank Spring meetings in Washington D.C. He joined important talks about making the economy grow in a way that includes everyone and stays stable. He thanked the IMF and World Bank for their help in making Pakistan’s economy steadier.
IDA, Investments and New Opportunities
Finance Minister Muhammad Aurangzeb met with Axel Van Trotsenburg, Senior Managing Director of the World Bank, to discuss the ongoing support and involvement of the World Bank in Pakistan. They talked about using more resources from the Regional IDA to fund development projects in Pakistan, especially in areas affected by floods. They agreed to share success stories of how Pakistan uses IDA resources effectively and to make the most of the Bank’s Knowledge Centre.
During his meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB), the Finance Minister expressed gratitude for ADB’s collaboration with Pakistan to support its development plans and address its current needs. He stressed the significance of ongoing projects and future partnerships, highlighting how ADB’s assistance has been crucial in tackling economic imbalances, stabilizing the economy, fostering growth, and achieving sustainable development.
Masatsugu Asakawa, President of ADB, reiterated the bank’s dedication to aiding Pakistan and showed keen interest in working together to promote long-term, sustainable development in the country.
Loss and Damage Fund
He emphasized the responsibility of developed nations to fulfill their financial commitments and provide additional support, including technology transfer and capacity-building assistance, to developing countries like Pakistan to tackle climate challenges. Aurangzeb also highlighted Pakistan’s efforts at COP 27 to establish the Loss and Damage Fund and stressed the importance of innovative financial solutions for climate emergencies.
Read Also: IMF Urges Pakistan to Take Further Steps in Managing Inflation
Aurangzeb also held a meeting with Mehmet Şimşek, Turkey’s Treasury and Finance Minister. He recognized the long-standing ties between Pakistan and Turkey in history, politics, defense, culture, and education. He pointed out that the current trade between Pakistan and Turkey doesn’t match the potential they have. Both sides agreed on the importance of enhancing cooperation by boosting bilateral trade and investment and learning from Turkey’s expertise in power generation and distribution.