Finance Minister Muhammad Aurangzeb Engages with Moody’s Investor Service and International Partners at World Bank Group-IMF Spring Meetings
Federal Minister for Finance and Revenue, Muhammad Aurangzeb, has been making waves at the World Bank Group-IMF Spring Meetings in Washington D.C. as he met with representatives from Moody’s Investor Service to discuss Pakistan’s economic progress and future plans.
During the meeting, the Finance Minister highlighted Pakistan’s key economic indicators and macro-economic stabilization achieved after entering into a Stand-by Arrangement with the International Monetary Fund. He emphasized the government’s priorities including tax and energy sector reforms, as well as the privatization agenda.
Aurangzeb also expressed the government’s intention to tap into international capital markets, with a focus on the Middle East and China, to support Pakistan’s economic growth and development. He addressed concerns related to inflation, foreign exchange reserves, debt repayments, external account vulnerability, and domestic liquidity, expressing confidence in the government’s ability to address these challenges and create a conducive environment for sustainable economic growth.
The Finance Minister expressed hope that Moody’s Investor Service would soon upgrade Pakistan’s credit rating, reflecting the country’s improved economic fundamentals and the government’s commitment to reforms.
In addition to his meeting with Moody’s, Aurangzeb attended an important “Roundtable with Investors” where he highlighted Pakistan’s stable macroeconomic indicators and outlined the government’s reform agenda. He shared positive indicators such as declining inflation rates, stable currency, robust growth in the agriculture sector, strong remittance inflows, rising forex reserves, and a buoyant stock market, all of which underscored the country’s improved economic outlook.
Furthermore, the Finance Minister met with Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, to discuss enhanced economic cooperation between Pakistan and Saudi Arabia. They reviewed ongoing development projects and discussed funding for projects such as the Diamer Bhasha Dam and the N-25 highway from Karachi to Chaman.
Aurangzeb also had a meeting with Mr. Andrew Mitchell, UK’s Minister of State for Development and Africa, where he acknowledged the long-standing relations between Pakistan and the UK. He briefed Mitchell on Pakistan’s economic indicators and priority areas of taxation, energy sector, and SOE reforms, inviting British International Investment to invest in bankable projects in Pakistan.
Overall, the Finance Minister’s engagements at the World Bank Group-IMF Spring Meetings have showcased Pakistan’s economic progress and the government’s commitment to reforms, garnering interest from international investors and partners for potential collaborations and investments in the country.
