The World Bank (WB) and the Asian Development Bank (ADB) have reaffirmed their commitment to supporting Pakistan’s efforts towards economic stabilization and digitalization programs aimed at enhancing revenues.
In a press statement issued by the finance ministry, it was reported that Federal Minister for Finance and Revenue, Muhammad Aurangzeb, held discussions with President of the World Bank Group, Ajay Banga, where he underscored Pakistan’s advancements under the 9-month Standby Arrangement (SBA) program and ongoing reforms in critical sectors such as taxation, energy, and privatization. Both parties emphasized the necessity of a rolling Country Framework Plan spanning 10 years. Additionally, Minister Aurangzeb extended an invitation to the President of the World Bank to visit Pakistan.
Furthermore, the minister engaged in talks with President of the Asian Development Bank (ADB), Masatsugu Asakawa, focusing on bolstering Pakistan’s partnership with the ADB, safeguarding the country’s envelope of concessional financing, and outlining future project pipelines.
In a separate meeting, Minister Aurangzeb met with Chief Executive Officer of the U.S. International Development Finance Corporation (DFC), Scott Nathan. Discussions revolved around expanding DFC’s investments in Pakistan following the resolution of outstanding issues. The minister highlighted the government’s efforts to promote innovative financing models to attract private sector investment and enhance the potential for public-private partnerships (PPPs).
Assuring full support, Minister Aurangzeb reiterated the government’s commitment to facilitating investment initiatives by both local and foreign investors in Pakistan.
