Washington DC: The Federal Minister of Finance and Revenue, Mr. Muhammad Aurangzeb, met with representatives of Moody’s Investment Services on the sidelines of the Spring Meeting of the World Bank Group-HPG in Washington. In the meeting, the Finance Minister reminded Moody’s about Pakistan’s key economic indicators and macroeconomic stabilization achieved after entering into a self-sustaining agreement (SBA) with the International Monetary Fund (IMF).
The finance minister indicated his intention to tap international capital markets, focusing on the Middle East and China, to support Pakistan’s economic growth and development. He also discussed issues related to inflation, foreign exchange reserves, debt service, external account fragility and domestic liquidity, expressing confidence in the government’s ability to overcome these challenges and create a favorable environment for sustainable economic growth. Moody’s Investors Service expects Pakistan’s credit rating to be upgraded soon, reflecting the country’s improving economic fundamentals and the government’s commitment to reform.
The finance minister attended a major Investor Roundtable to highlight Pakistan’s sustainable macroeconomic performance and outline the government’s reform agenda. He informed investors about Pakistan’s low inflation, stable currency, strong agricultural growth, strong remittance inflows, rising foreign exchange reserves and stock market. This positive indicator shows that the country’s economic development has improved. He said the government intends to enter into a larger and expanded program based on the successful pending agreement (SBA) with the International Monetary Fund (IMF). He also discussed the government’s priorities regarding taxation, energy sector reform and privatization programs. He said the World Bank’s focus on climate change, digitization and human capital development is in line with the government’s priorities.
The Minister of Finance also met with Sultan Abdulrahman Al-Marshad, CEO of Saudi Arabia Development Fund (SFD) and discussed the possibility of developing economic cooperation between Pakistan and Saudi Arabia. In the meeting, the Minister of Finance Mr. Al-Marshad informed about his recent visit to Saudi Arabia and the visit of high-ranking delegation of Saudi Arabia to Pakistan. Both sides reviewed and expressed satisfaction with the progress of the ongoing development project. The finance minister also discussed funding for ongoing projects such as the Diamer Bhasha Dam and the N-25 highway from Karachi to Cham. He assured Saudi Arabian Pakistani investors with banking and investment projects, showing the country’s investment potential and favorable policies.
The Minister of Finance participated in the World Bank Round Table on “Achieving Fast Results and Greater Impact”. By participating, he appreciated the World Bank’s Thought Leadership and insightful report “From Floating on the Sand to High and Sustainable Development”. The report lays out a clear road map for Pakistan to grow its economy from $300 billion to $3 trillion by 2047 to become a high-income country. He said the World Bank’s focus on climate change, digitization and human development is in line with the government’s priorities. The Minister of Finance appreciated the initiative of the World Bank to create a single platform to improve its efficiency.
Finance Minister Muhammad Aurangzeb met Citibank officials. He informed them about the positive economic indicators such as the positive stock market, the interest of foreign buyers and the institutional flow behind the Stand-by Arrangement (SB).
