WASHINGTON: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, wrapped up the fourth day of his visit to Washington, DC, for the Spring Meetings of the International Monetary Fund (IMF) and the World Bank with a series of successful engagements with global financial institutions, rating agencies, and major corporations.
Minister Aurangzeb began his day by meeting with Andrew Torre, Regional Vice President of VISA. He lauded VISA’s significant contributions to Pakistan’s digital economy and emphasized its role in fostering financial inclusion and enhancing e-commerce and payment security. The Finance Minister praised VISA's decision to expand its operations in Pakistan, which would aid remittances and improve financial accessibility across the country.
Next, Aurangzeb met with Christos Harpanditis, Vice President of Philip Morris International. The meeting focused on Pakistan’s improving business climate, with the Minister underscoring the government's reforms in taxation and business processes aimed at curbing the illicit production and sale of cigarettes.
At a seminar hosted by JP Morgan, Aurangzeb briefed institutional investors on Pakistan's robust macroeconomic indicators, including a stable fiscal position, declining inflation, and growing foreign exchange reserves. He highlighted Fitch's recent upgrade of Pakistan’s sovereign credit rating as evidence of the country’s progress.
Further, in a productive session with Masato Kanda, President of the Asian Development Bank (ADB), the Finance Minister expressed gratitude for ADB’s continued support for Pakistan’s development. They discussed ongoing projects and the potential for the ADB’s involvement in financing Pakistan’s Panda bonds.
In his meetings with both Fitch Ratings and Moody’s, Minister Aurangzeb thanked Fitch for the recent sovereign credit rating upgrade and outlined ongoing structural reforms in key sectors like energy, taxation, and public finance. He discussed the government’s efforts to broaden the tax base and enhance fiscal stability.
Minister Aurangzeb also engaged with the World Bank’s Vice President for Digital Transformation, Sangbu Kim, and stressed the importance of technological advancements in Pakistan’s taxation reforms. He sought the World Bank’s support in further integrating technology into government operations to improve service delivery.
At the Vulnerable 20 (V20) Ministerial Dialogue, the Minister outlined Pakistan’s climate financial strategy and the importance of international reforms to support climate-vulnerable countries. He reaffirmed Pakistan’s commitment to climate resilience and decarbonization, noting recent agreements with the IMF under the Resilience and Sustainability Facility.
Concluding his day, the Minister met with the Standard Chartered Bank delegation to discuss Pakistan’s macroeconomic stability and its plans for re-entering international capital markets following the recent Fitch rating upgrade.
