The Federal Minister of Finance and Income, Senator Muhammad Aurengzeb, has requested an urgent international action on climate resilience and economic diversification during high -level commitments in the 2025 spring meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, DC.
Speaking in the background dialogue to respond to loss and damage (FRLD), Aurengzeb described climate change an existential threat to Pakistan, citing the floods of 2022.
He urged the rapid operationalization of the loss and damage fund with simple, agile and responsible mechanisms to guarantee the appropriate disbursement to vulnerable countries.
In a series of bilateral meetings, Aurengzeb discussed foreign investment, economic reform and climate financing.
In conversations with Hiroshi Matano, executive vice president of the Multilateral Investment Guarantee (crumb), the minister expressed his gratitude for the role of crumbs in the resolution of the Star Hydro project dispute and welcomed his planned mission to Pakistan at the end of this year.
He also met Thomas Lersten, a senior official of the United States Department of State, thanking Washington for his support at the Pakistan mineral conference and underlining the need to solve tariff challenges.
Aurengzeb said that a high -level Pakistan trade delegation and investment would soon visit the United States to deepen economic cooperation.
During the discussions with the managing director of International Finance Corporation (IFC) Makhtar Diop, the minister highlighted the macroeconomic indicators that improve Pakistan, including the recent Fitch credit rating update.
He requested rapid IFC advice support for Karachi airport and the construction of capacity at the subnational level.
At a meeting with the United States Export Export Bank, Aurengzeb informed the senior officials about tax reforms and Pakistan’s progress under the installation of extended funds (EFF) and the installation of resilience and sustainability (RSF) of the IMF.
He urged greater support for US investment in strategic sectors, including the Reko DIQ project.
He also had conversations with JP Morgan Chase, where he reaffirmed the stable macroeconomic perspective of Pakistan and plans to diversify the markets.
The minister expressed the preparation of Pakistan to re -enter the international capital markets through a panda bond issuance.
In an IMF panel entitled “Navigating an uncertain world”, Aurengzeb emphasized the importance of regional trade, economic diversification and export -led growth, with a special approach to technology and IT sectors as growth engines.
Later, the minister discussed the finances of development with Dev Jagadesan, interim CEO of the United States International Development Finance Corporation (DFC), and met with Baroness Jenny Chapman, Minister of State for the International Development of the United Kingdom.
Aurengzeb thanked the United Kingdom for its long -standing development association and shared progress in the framework of association of 10 -year countries of the World Bank for Pakistan, which prioritizes climate resilience and population strategies. He also praised the United Kingdom’s Remit initiative to improve transparency in development aid.
