Federal Minister for Finance and Revenue, Muhammad Aurangzeb, actively participated in the G-24 Ministers and Governors Meeting in Washington DC, where he urged development partners to collaborate on addressing critical issues such as climate change, population growth, and child stunting, particularly in developing countries like Pakistan.
As the newly appointed Second Vice Chair of the G-24 Bureau for the fiscal year 2024-25, Aurangzeb emphasized the importance of tackling high debt burdens, advancing climate action, and enhancing the representation of developing countries in Bretton Woods institutions.
During his visit, the Finance Minister met with a delegation from CitiBank, led by Vice Chair of Public Sector Jay Collins. He discussed ongoing reforms in taxation, energy, state-owned enterprises, pensions, and government restructuring, and outlined Pakistan’s long-term Road-to-Market strategy, including potential engagement with international capital markets.
Aurangzeb also held discussions with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), focusing on issues such as the evaluation of bids for Islamabad airport, offshore bond issuance, and the privatization of DISCOs and HBFC. He expressed gratitude for IFC’s support and requested further assistance in sectors like agribusiness, healthcare, and digital infrastructure. Aurangzeb invited Diop to visit Pakistan to explore these opportunities further.
In the V20 Ministerial Dialogue, Aurangzeb highlighted Pakistan’s development of a Climate Prosperity Plan and called for reforms in global finance to support climate initiatives. He urged Multilateral Development Banks to expand grant opportunities and concessional financing and endorsed the V20’s official recognition by the IMF.
The Finance Minister met with his Saudi counterpart, Mohammed Aljadaan, to discuss strengthening economic ties and enhancing bilateral trade and investment. They agreed to advance cooperation in areas of mutual interest, with Aljadaan sharing insights from Saudi Arabia’s energy sector reforms.
In a fireside chat with Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, Aurangzeb discussed policy actions aimed at stabilizing Pakistan’s economy and promoting sustainable growth through structural reforms.
Aurangzeb also met with Mehmet Şimşek, Türkiye’s Treasury and Finance Minister, to explore opportunities for enhancing bilateral trade and learning from Türkiye’s power sector reforms. He invited Turkish firms to engage in joint ventures with Pakistani counterparts.
In a meeting with Brent Neiman, Assistant Secretary for International Finance at the US Treasury Department, Aurangzeb outlined measures to broaden Pakistan’s tax base, reform the energy sector, and enhance climate resilience. Neiman commended Pakistan’s commitment to structural reforms and discussed strengthening financial sector cooperation between the two countries.
The Finance Minister’s engagements also included media interviews with Bloomberg and interactions with representatives of the Bank-Fund Staff Association of Pakistanis, highlighting Pakistan’s economic strategies and reform initiatives.
