Islamabad:
The Minister of Finance, Muhammad Aurengzeb, has emphasized the importance of climate resilience, attracts foreign investment and promotes economic diversification.
He highlighted this during a series of high -level commitments outside the World Bank and spring meetings of the International Monetary Fund in Washington.
According to a press release issued by the Ministry of Finance here on Saturday, in the high level of the Fund to respond to losses and damage (FRLD), he highlighted climate change as an existential threat to Pakistan, remembering the devastating floods of 2022.
He emphasized the urgent need to operationalize the Robust Simplicity Loss and Damage Fund, Agility, Agility and Responsibility Mechanisms, urging faster disbursements to vulnerable nations.
In a meeting with Hiroshi Matano, executive vice president of the multilateral investment guarantee (crumb), Aurengzeb agency appreciated crumb efforts to resolve the Star hydroelectric energy dispute and promised full support for a possible commercial financing installation.
He welcomed Pakistan’s next crumb mission and expressed hope of finishing the agreement this year.
The Minister of Finance also held a productive meeting with Thomas Lersten, a senior official of the United States Department of State, thanking the United States for their strong participation in the Mineral Conference in Pakistan.
He reiterated Pakistan’s desire for constructive participation to address tariff problems, for which a high -level trade and investment delegation was expected to visit the United States.
During the discussions with Makhtar Diop, managing director of the International Finance Corporation (IFC), the minister highlighted the strong macroeconomic indicators of Pakistan, including the recent Fitch credit rating update.
He urged accelerated advice work at Karachi airport and emphasized the construction of subnational governance capacity.
The Minister of Finance also met with high -level representatives of the export export bank of the United States, led by Jim Barrows and reported them on the improvement of Pakistan macroeconomic foundations and fiscal consolidation measures, highlighting the personnel agreement with the IMF under the EF and the RSF.
Providing them with an update on the Reko DIQ project, the Minister of Finance requested greater Exim Bank support for American investment in Pakistan, expressing the desire to solve tariff problems.
In conversations with JP Morgan Chase, the Minister of Finance stressed the stable economic trajectory of Pakistan and plans to diversify the markets. He reiterated Pakistan’s intention to return to international capital markets through an inaugural issuance of panda bonds.
While talking in a IMF discussion panel about “navigating an uncertain world,” Minister Aurengzeb emphasized the importance of promoting regional trade amid global uncertainty.
He advocated the diversification of the sector and the market and a change in the replacement of importation to growth directed by exports, identifying the IT sector as a key driver.
Later, the Minister of Finance met with Dev Jagadesan, an interim CEO of the US International Development Finance Corporation.
The minister also met with Baroness Chapman, Minister of State for International Development of the United Kingdom and thanked him for the long association of the United Kingdom with Pakistan.
It was reported on the 10 -year country association framework (CPF) of the World Bank, focused on the population and climatic resilience.
