Talks with counterparts at Alula moot: Aurangzeb shares key takeaways with World Bank team

ISLAMABAD: A delegation of World Bank Executive Directors called on Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb, at Finance Division Wednesday.

The delegation included Executive Directors Abdelhak Bedjaoui, Zainab Ahmed, Beatrice Maser, Robert Bruce Nicholl, Teresa Solbes, Alternate Executive Directors Paul Bonmartin, Lonkhululeko Magagula, Marlene Suzie Nzengou and Dr. Tauqir Hussain Shah beside Country Director for Pakistan Najy Binhassine, Vice President & Corporate Secretary Mercy Tembon, Board Operations Officer Shadiya Adam, and Senior Operations Officer Karl Bach.

The finance minister welcomed the delegation and appreciated the World Bank’s continued support for Pakistan’s economic and development agenda. He specifically thanked the delegation for the new Country Partnership Framework (CPF) 2026-35, which was formally launched in January 2025 with an unprecedented $20 billion commitment to support Pakistan’s development priorities.

The finance minister also apprised the delegation about his recent visit to Saudi Arabia for the Alula Conference 2025, organized by the International Monetary Fund (IMF) and the Saudi Minister of Finance.

He highlighted that the conference brought together more than 30 finance ministers from developing countries to discuss global economic challenges, debt sustainability, and avenues for fostering economic resilience.

He shared key takeaways from the discussions, emphasizing the need for enhanced collaboration among developing economies and the role of multilateral institutions in providing tailored support to emerging markets.

Discussing Pakistan’s economic trajectory, the minister highlighted key indicators and emphasized that these improvements reflected the success of the government’s ongoing reform efforts.

The Minister further outlined the government’s structural reforms, focusing on revenue mobilization, energy sector reforms, SOE restructuring, and privatization. He emphasized the government’s focus on fiscal discipline through expenditure control and broadening the tax base, highlighting ongoing rightsizing efforts and projected revenue growth.

Reaffirming the government’s commitment towards privatisation efforts, the Minister stated, “The government has no business to be in the business.” “We are committed to ensuring a business-friendly environment where the private sector takes the lead in driving economic growth,” he stated.

The World Bank Executive Directors appreciated the government’s reform agenda, noting that key economic measures were already yielding visible results. “Your government has been successful in touching every important aspect of the economy, and things seem to be achievable now if you stay the course,” the delegation remarked. They emphasized that Pakistan’s structural reforms were critical in fostering long-term economic stability and sustainable growth.

They also reaffirmed the World Bank’s commitment to continuing its collaboration with Pakistan, supporting priority sectors, and providing the necessary technical expertise to help the country navigate economic challenges.

The discussions concluded with the proposal for a structured framework for development partners to ensure synergy and better coordination.

The Minister advocated for regular engagements to align projects with national priorities and maximize impact stating “We have enough financial support and assistance; what we truly need now is the expertise and technical support to make the most of them.”

Copyright Business Recorder, 2025