Finance Minister meets World Bank, IMF heads during Washington visit

WASHINGTON: Finance Minister Muhammad Aurangzeb held a meeting with World Bank Vice President for Digital Transformation, and gave a briefing on Digital Pakistan Policy and Federal Board of Revenue’s (FBR) digitalization.

Aurangzeb also updated the World Bank staff on tax reforms, end-to-end digital system. The meeting discussed the importance of reforms and integration of institutions. Finance Minister requested the World Bank for practical assistance in Country Partnership Program.

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He expressed desire for consultation on guidance and reform in digital journey. The finance minister also invited World Bank Vice President to visit Pakistan.

IMF DIRECTOR MEETING

Finance Minister Muhammad Aurangzeb also met with the International Monetary Fund (IMF) Director for Middle East and Central Asia. The two officials discussed the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) agreements.

Both Pakistan and the IMF expressed satisfaction over staff-level agreement and the finance minister also appreciated the ongoing cooperation with the IMF.

He informed the IMF director that Pakistan is determined to maintain the pace of economic growth, saying, “We will further consolidate the achievements of the past one and a half years”. He said that Fitch’s rating upgrade is an endorsement of the reform agenda.

CITIBANK, FITCH, AND MOODY’S

Earlier, Finance Minister Aurangzeb met with Citibank delegation in Washington and appreciated Citibank’s support to Pakistan’s financial sector. He also briefed the delegation on the improvement in the economy and the increase in the rating.

“The improvement in the credit rating made it possible for Pakistan to return to commercial markets,” Aurangzeb said.

Pakistan and Citibank agreed to further strengthen the partnership. The meeting discussed the possibilities of future financial cooperation and Citibank’s long-term investment in Pakistan was discussed in the meeting.

Aurangzeb also met with the team of Fitch Ratings in Washington and expressed gratitude for Pakistan’s credit rating upgrade, from CCC+ to B-. He said, “Improvement in credit rating is a reflection of country’s fiscal discipline,” adding that economic improvement will facilitate Pakistan’s access to global financial markets.

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The finance minister briefed the Fitch team on energy, taxation, and government sector reforms, and shared details on the progress made on public finance and debt management. He also responded to Fitch’s queries on tariff reforms and tax administration.

PAKISTAN BANK-FUND STAFF ASSOCIATION MEETING

Finance Minister Aurangzeb met with members of Pakistan Bank-Fund Staff Association (PBFSA) and apprised them of the improvement in the country’s economic indicators. He highlighted the approval of a 10-year Country Partnership Framework (CPF) for Pakistan by the World Bank Board, which focuses on key challenges such as population and climate change.