KEY POINTS
- Minister highlights flood response, Climate Prosperity Plan, urgent climate finance needs
- Meetings with JP Morgan, ADCB, IFC focus on Panda Bonds, privatization, Reko Diq financing
- Strengthens bilateral ties with Türkiye; explores digital and AI collaboration with Saudi Arabia
- Swap Agreement signed between SBP and IFC; Pakistan upgraded as IFC regional hub
ISLAMABAD: Pakistan intensified its economic and climate diplomacy in Washington D.C. this week as Finance Minister Muhammad Aurangzeb engaged global financial institutions, partner governments, and US-based media during the IMF–World Bank Annual Meetings.
At the 15th V20 Ministerial Dialogue on “Cost of Capital, Debt & Growth Pathways,” Senator Aurangzeb underscored the devastating impact of recurring floods in Pakistan, noting that rescue and relief operations are fully funded from national resources.
He lauded the CVF–V20 Secretariat’s support in developing Pakistan’s Climate Prosperity Plan (CPP) and confirmed financing through the Country Partnership Framework (CPF) to operationalize the plan.
The Finance Minister called for urgent activation of the Loss and Damage Fund and accelerated decision-making within the Green Climate Fund (GCF) to safeguard vulnerable nations.
Aurangzeb held high-level discussions with Abu Dhabi Commercial Bank (ADCB) and JP Morgan executives, detailing Pakistan’s Panda Bond launch. He also shared with them the refreshed Global Medium-Term Note (GMTN) programme, and progress on privatization, including the national carrier.
He also highlighted the Reko Diq project, encouraging early participation from Exim Bank, and shared plans for the first Green Panda Bond issuance in China. Digital collaboration with Saudi Arabia through the GO AI Hub was also discussed as a potential avenue for partnership.
In bilateral talks with his Turkish counterpart Mehmet Şimşek the Finance Minister reaffirmed strong ties and frequent leadership-level engagements.
Discussions focused on taxation, energy reform, state-owned enterprises (SOEs), privatization, and public finance, emphasizing the need to enhance Pakistan’s tax-to-GDP ratio and integrate government data.
A key engagement with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), saw Pakistan upgraded as a regional hub.
Aurangzeb briefed the IFC chief on the Reko Diq project, anticipated Exim Bank’s participation in the financing consortium, and welcomed IFC’s advisory support in pharmaceuticals, electric vehicles, and commodity exchanges.
During the visit, a Swap Agreement between the State Bank of Pakistan (SBP) and IFC was signed, and the upcoming IFC Spring Meetings in Pakistan were confirmed.
Senator Aurangzeb also engaged with US-based Pakistani media, highlighting his discussions with international financial institutions, partner countries, and private sector stakeholders.
His comprehensive engagements in Washington reinforced Pakistan’s commitment to economic reform, fiscal responsibility, climate resilience, and strengthening global partnerships.
