By Staff Reporter
ISLAMABAD: Finance Minister Muhammad Aurangzeb departed for Washington to attend the annual meetings of the International Monetary Fund and World Bank, as Islamabad pushes for a quick staff-level agreement on reviews of its $8.4 billion in loans from the lender.
Aurangzeb’s trip comes after the IMF said this week that the two sides have made “significant progress” toward a staff-level agreement on reviews of the South Asian country’s $8.4 loans. Pakistan secured a $7 billion, 37-month Extended Fund Facility in Sept. last year, followed by a $1.4 billion, 28-month Resilience and Sustainability Facility in May, to bankroll its economy.
The IMF noted that Pakistan’s $7 billion IMF program implementation remained strong and broadly aligned with commitments, while progress was made in discussions on fiscal consolidation to strengthen public finances. Aurangzeb on Friday reaffirmed that talks with the IMF mission remained constructive, with only a few outstanding issues, and expressed optimism about reaching a deal shortly during his meetings in Washington.
“Aurangzeb will meet with senior officials of the IMF, World Bank, International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) during his visit to the US,” the finance ministry said in a statement on Saturday. During his six-day visit, which includes over 65 events, forums, meetings, and official engagements, the finance minister is scheduled to hold meetings with senior officials of the IMF, World Bank, International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA), the finance ministry said.
He will also meet World Bank President Ajay Banga in a one-on-one meeting and attend a dinner hosted by Banga for finance ministers of selected countries. “The finance minister will also meet IMF Managing Director Kristalina Georgieva on the G24 and Middle East, North Africa and Pakistan (MENAP) countries platforms.”
The finance czar will participate in a regional roundtable organised by the World Bank on the digital transformation of the Federal Board of Revenue (FBR), which will also be attended by tax authorities from other countries. He will also take part in two major events hosted by the World Economic Forum (WEF) and hold bilateral meetings with his counterparts from China, the United Kingdom, Saudi Arabia, Turkiye, and Azerbaijan.
The finance minister’s schedule also includes meetings with top White House officials, and senior officials from the US Departments of State and Treasury and the International Development Finance Corporation (DFC).He will engage with office bearers and members of the US-Pakistan Business Council to discuss tax proposals and investment opportunities in Pakistan. “During the visit, the minister will also meet with representatives of global credit rating agencies, commercial banks, particularly investment banks from the Middle East, and address various investment forums and seminars to highlight Pakistan’s economic outlook,” the ministry said. “The finance minister will visit leading US think tanks, including the Atlantic Council and the Peterson Institute of International Economics (PIIE).”
Aurangzeb said on Friday the government is finalising rapid damage assessments following recent floods and will prioritize the use of domestic resources for rescue and relief operations, before considering external assistance for rehabilitation and reconstruction. Pakistan’s recent floods, triggered by heavy monsoon rains and India’s release of excess water, have killed more than 1,037 people and affected another over 4 million, besides damaging standing crops, homes and road network. The government has initially estimated the losses at Rs370 billion, though a detailed assessment has yet to be made. “The IMF team wants to express its sympathy to those affected by the recent floods, and is grateful to the Pakistani authorities, private sector, and development partners for many fruitful discussions,” the global lender said this week.
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