Monitoring Desk
ISLAMABAD: Finance Minister Muhammad Aurangzeb, speaking at the Atlantic Council in Washington, D.C., emphasized the importance of implementing current strategies over gathering policy advice to achieve economic stability, Dawn newspaper reported on Tuesday.
On his first day in the U.S. capital, Aurangzeb called upon global financial institutions like the World Bank and the International Monetary Fund (IMF) to support nations like Pakistan in addressing the challenges of climate change and achieving financial inclusivity.
Aurangzeb, who is in Washington to participate in the World Bank group’s spring meetings and to negotiate a new loan agreement with the IMF, stressed the importance of financial inclusiveness and climate resilience.
He noted that although Pakistan is not a significant emitter of greenhouse gases, it is disproportionately affected by climate change. The minister also highlighted the need for financial inclusion to empower women in Pakistan’s economy.
In his discussions, Aurangzeb made it clear that he is seeking a new arrangement with the IMF, one that is larger and longer-term to facilitate structural reforms over the next two to three years.
The minister expressed a desire to expedite the process of securing a new Extended Fund Facility (EFF) package, stating that preliminary talks are underway.
The minister said the Fund expressed confidence in Pakistan’s ability to implement pledged reforms. “The Prime Minister is quite keen and vocal about the necessity for a new program,” he added.
Should this week’s talks prove successful, Pakistan expects an IMF mission to visit Islamabad next month for advanced negotiations on the loan. The delegation also aims to discuss increased financing options with the World Bank.
With the current Stand-By Arrangement (SBA) set to expire, Pakistan anticipates the release of $1.1 billion under the arrangement.
Aurangzeb also spoke on the need to broaden the tax base and reform the tax collection system, suggesting that such reforms would increase revenue, enhance transparency, and improve taxpayer experience.
He advocated for encouraging public-private partnerships, recognizing that government action alone is not enough.
MEETINGS
Minister Aurangzeb had a productive meeting with Mohamed Nasheed, former President of the Maldives and Secretary-General Climate Vulnerable Forum (CVF), a government statement said.
Highlighted Pakistan’s vulnerability to climate change, the role played by the country in the establishment of the Loss and Damage Fund during COP 28, and the way forward to address climate challenges in vulnerable countries.
Aurangzeb also met with a delegation from the US Pakistan Business Council and discussed the government’s commitment to improving the business climate in Pakistan. During the meeting, the finance minister highlighted the government’s dedication to attracting both foreign and domestic investments in key sectors. These sectors include agriculture, IT, mines & minerals, and energy.
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