Aurangzeb tries to ease concerns of S&P, Fitch

ISLAMABAD: The Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with the representatives of S&P Global and Fitch Ratings on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C.

During the meetings, he highlighted positive indicators of the country on the back of the Standby Arrangement (SBA) signed with International Monetary Fund (IMF), said a press release issued here on Sunday.

He provided details on the government’s ongoing reforms in priority areas, including taxation, energy, and privatization over short, medium and long-term horizons.

Aurangzeb briefs global FIs on reform initiatives

He also referred to his recent engagements with Managing Director of the IMF, President of the World Bank, and heads of multilateral institutions including Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB).

He reaffirmed that the World Bank’s agenda aligns with Pakistan’s priorities on climate change, digitalization, and human development.

The finance minister also mentioned potential investments in the pipeline from Saudi Arabia.

He also addressed the rating agencies’ concerns related to Pakistan’s external position, inflation levels, primary fiscal balance, and interest rate regime. Other engagements of Finance Minister included interaction with officers of the Embassy of Pakistan, Washington D.C., media interviews with the Voice of America and The National and Press Conference with Pakistani media.

Finance Minister Aurangzeb is leading Pakistan’s delegation in the IMF/World Bank’s 2024 Spring Meetings being held in Washington D.C.

Other delegates included Imdadullah Bosal, Finance Secretary, Dr Kazim Niaz, Secretary Economic Affairs Division, Jameel Ahmed, Governor State Bank of Pakistan and Adil Akbar Khan, Senior Joint Secretary, Economic Affairs Division.