KEY POINTS
- Calls for swift operationalisation of the Loss and Damage Fund
- Seeks to strengthen trade ties with the US
- Urges stronger US investment support
- Reaffirms commitment to development partnerships
WASHINGTON: Pakistan’s Finance Minister Muhammad Aurangzeb has emphasised the need for urgent action on climate resilience, the attracting of foreign investment, and the promotion of economic diversification.
During a series of high-level engagements on the sidelines of the 2025 WBG/IMF Spring Meetings in Washington, he highlighted these key priorities to international stakeholders.
Climate action prioritised
At the significant dialogue of the Fund for Responding to Loss and Damage (FRLD), he highlighted climate change as an existential threat to Pakistan, recalling the devastating 2022 floods.
He stressed the urgent need to operationalise the Loss & Damage Fund with simplicity, agility, and robust accountability mechanisms, urging faster disbursements to vulnerable nations.
In his statement at the High-Level Dialogue of the Fund for Responding to Loss and Damage (FRLD), Finance Minister singled out climate change as an existential threat facing the country. Recalled the devastating floods of 2022. Stated that Pakistan was the biggest proponent of… pic.twitter.com/yR8OiWBq28
— Pakistan Embassy US (@PakinUSA) April 25, 2025
In a meeting with Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA), Aurangzeb appreciated MIGA’s efforts in resolving the Star Hydropower dispute and pledged him full support in establishing a potential trade finance facility.
He welcomed MIGA’s upcoming mission to Pakistan and expressed hope for finalising the deal this year.
Strengthening trade ties
The Finance Minister also held a productive meeting with Thomas Lersten, a Senior Official from the US State Department, thanking the US for its strong participation in the Minerals Conference in Pakistan.
He reiterated Pakistan’s desire for constructive engagement to address tariff issues for which a high-level trade and investment delegation was expected to visit the US.
Finance Minister held a meeting with Mr. Thomas Lersten, Senior Official to the Office of the Under Secretary for Economic Growth, Energy, and the Environment of the US State Department. Thanked the US for participation of a strong and well represented delegation in the Minerals… pic.twitter.com/zyjgGuVYXg
— Pakistan Embassy US (@PakinUSA) April 25, 2025
During discussions with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), the minister highlighted Pakistan’s strong macroeconomic indicators, including Fitch’s recent credit rating upgrade.
He urged expedited advisory work on Karachi Airport and emphasised subnational governance capacity-building.
Pushing for US investment
The Finance Minister also met with senior representatives of the United States Export-Import Bank, led by Jim Barrows, and briefed them on Pakistan’s improving macroeconomic fundamentals and fiscal consolidation measures, highlighting the staff-level agreement with the International Monetary Fund (IMF) under the Extended Fund Facility and Resilience and Sustainability Facility.
Finance Minister met with senior representatives of the United States Export-Import Bank led by Mr. Jim Barrows, Acting First Vice President and Vice Chairman. Briefed them on Pakistan’s improving macroeconomic fundamentals and fiscal consolidation measures. Informed that country… pic.twitter.com/grd9YjLIrC
— Pakistan Embassy US (@PakinUSA) April 25, 2025
Providing them with an update on the Reko Diq project, the Finance Minister called for enhanced EXIM Bank support for US investment in Pakistan, expressing a desire to resolve tariff issues.
In talks with JP Morgan Chase, he underscored Pakistan’s stable economic trajectory and plans to diversify markets. He reiterated Pakistan’s intent to return to international capital markets through an inaugural Panda Bond issuance.
Championing regional trade
While speaking at an IMF panel discussion on “Navigating an Uncertain World,” Aurangzeb emphasised the importance of promoting regional trade amidst global uncertainty. He advocated for sector and market diversification and a shift from import substitution to export-led growth, identifying the information technology sector as a key driver.
Speaking at a panel discussion at the IMF on the theme “Navigating an Uncertain World,” Finance Minister emphasized the importance of promoting regional trade in the wake of global uncertainty and elevated risks which affected different countries differently. Called for the… pic.twitter.com/09RY9gqq52
— Pakistan Embassy US (@PakinUSA) April 25, 2025
Later, he met with Dev Jagadesan, Acting CEO of the US International Development Finance Corporation (DFC), to discuss project pipelines, including the Reko Diq project and exploring potential US-Pakistan cooperation.
Enhancing development partnership
The minister also met with Baroness Chapman, Minister of State for International Development of the United Kingdom, and thanked her for the UK’s longstanding partnership with Pakistan.
Finance Minister held a meeting with Baroness Chapman, Minister of State for International Development of the United Kingdom. Thanked her for longstanding partnership with Pakistan and support to its socioeconomic development. Briefed her on the 10-year World Bank’s Country… pic.twitter.com/PHXs8xwgth
— Pakistan Embassy US (@PakinUSA) April 25, 2025
He briefed her on the World Bank’s 10-year Country Partnership Framework (CPF), focused on population and climate resilience.
He emphasised the role of technology in improving tax administration and appreciated REMIT initiative for mapping development assistance, the press release added.
