Aurangzeb meets AIIB President & IFC Managing Director in Washington DC

Government of PakistanAurangzeb meets AIIB President & IFC Managing Director in Washington DC

WASHINGTON DC: The Finance Minister Muhammad Aurangzeb met with the Asian Infrastructure Investment Bank (AIIB) President Jin Liqun on the sidelines of the World Bank Group-IMF Spring Meetings in Washington DC, discussing Pakistan’s positive economic indicators post International Monetary Fund’s (IMF) Stand-by Arrangement (SBA).

During the meeting, the finance minister emphasized broad tax reforms, energy sector fixes, and SOE reforms as key priorities.Aurangzeb meets AIIB President & IFC Managing Director in Washington DC


Muhammad Aurangzeb expressed gratitude for AIIB’s support including co-financing with World Bank’s RISE-II program after devastating floods. Reaffirmed commitment to AIIB collaboration on Pakistan’s infrastructure development.

The minister appreciated AIIB’s additional US$ 500 million project assistance and progress on project implementation.

The collaboration aims to foster sustainable development and economic growth in Pakistan.

Earlier, the Finance Minister Muhammad Aurangzeb also met with the International Finance Corporation (IFC) Managing Director Makhtar Diop, highlighting positive economic indicators in Pakistan: improving reserves, stable currency, declining inflation, surging stock market, and institutional/foreign inflows.

The finance minister informed of Pakistan’s aim for a larger and extended IMF programme. He identified key priorities: broadening tax reforms, fixing energy sector, and undertaking state-owned enterprise (SOE) reforms. He also thanked the IFC for support in outsourcing Islamabad airport.

Aurangzeb expressed satisfaction with IFC’s increased activities in Pakistan. Requested IFC’s assistance in shifting Public Sector Development Program (PSDP) to PPP mode.

Separately, Aurangzeb also met with the Deputy Under Secretary for International Finance at the US Department of Treasury Brent Neiman, and shared positive economic indicators post IMF’s SBA and prioritized reforms in taxation, energy, and SOEs.

The finance minister highlighted the United States as Pakistan’s largest trading partner and significant source of remittances/FDI.

The minister briefed on Special Investment Facilitation Council’s (SIFC) role in facilitating foreign investment.

In addition, he expressed gratitude for Brent Neiman’s visit to Pakistan and assured full support.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Countering Terrorism: Why Military Courts are Inevitable

Religious scholars unanimously call Iddat Case fabricated, politically motivated, contrary to Islamic teachings

Woman's testimony considered credible, sufficient in Iddat: Noor-ul-Haq Qadri Allama Nasir Abbas advises judiciary against interfering in iddat like sensitive religious matters ...

Chairman FBR Inaugurates New Building of Regional Tax Office

ISLAMABAD, Pakistan: The Chairman Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana on Thursday inaugurated the new building of Regional Tax Office in...

Auto industry key sector for Pakistan’s economy: Rana Tanveer

ISLAMABAD, Pakistan: The Japanese delegation led by Mr. Kenichi Ayukawa, Global Vice President, Suzuki Motor Corporation called on the Federal Minister for Industries and...

Over 32,000 Pakistani pilgrims reach Saudi Arabia

MAKKAH, Saudi Arabia: Approximately 30,000 Pakistani pilgrims have arrived in Saudi Arabia under the government scheme by May 23, 2024, traveling via 126 flights.Additionally,...

Interbank Dollar Rate Today in Pakistan – 23 May 2024

Interbank Exchange Rates in Pakistan The Interbank Closing Exchange Rate in Pakistan has been issued by the State Bank of Pakistan (SBP) for May 23,...