China, KSA, UAE briefed about economy

WASHINGTON: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has met with the UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini, Saudi Minister of Finance Mohammed Aljadaan and Finance Minister of China Lan Fo’an in Washington DC on the sidelines of IMF-World Bank Spring meetings.

Aurangzeb during a meeting with President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun discussed banks financing for ongoing and future development projects in Pakistan and expressed the government’s desire to proceed with the inaugural issuance of Panda Bond within the current calendar year.

According to press release issued by finance ministry on Thursday, the meeting was held on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C.

Aurangzeb highlights Panda, ESG bonds in key meetings at Washington: Finance Division

Aurangzeb thanked the AIIB for its longstanding support for Pakistan’s socio-economic development. He also conveyed Pakistan’s keenness to sustain the current momentum of engagement with the Bank. Meanwhile, during a meeting with, Minister of State for Financial Affairs, United Arab Emirates, Mohamed Bin Hadi Al Hussaini, the minister briefed him on Pakistan’s economic indicators, the recent sovereign rating upgrade by Fitch, and the privatization agenda of the government.

He informed that a Staff-Level Agreement (SLA) had been reached on the first review under Pakistan’s Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).

He appreciated the investment appetite of UAE investors at both G2G and B2B levels and emphasized the importance of translating MoUs into concrete agreements. He also expressed interest in learning from the UAE’s experience in regulating cryptocurrency.

The Minister extended an invitation to HE Mohamed Bin Hadi Al Hussaini to visit Pakistan.

In a meeting with Saudi Minister of Finance Mohammed Aljadaan, Aurangzeb thanked him for Saudi Arabia’s longstanding and strong support to Pakistan in its pursuit of economic development, including through support for the IMF programme.

He welcomed Saudi investments in Pakistan and reaffirmed the government’s resolve to stay the course on reforms. He also extended an invitation to Aljadaan to visit Pakistan.

During a meeting with Finance Minister of China Lan Fo’an, the minister recalled their last meeting held in Beijing in July 2024 and thanked the government of China for its unwavering support for Pakistan’s socio-economic development and for its strong backing of Pakistan’s economic reform programme supported by the Extended Fund Facility (EFF) of the IMF.

He briefed the Chinese side on the key reforms being undertaken in the areas of taxation, energy, privatization, public finance, and state-owned enterprises (SOEs). The Minister also provided an update on the status of the Panda Bond and requested the support of the People’s Bank of China (PBOC) to fast-track the issuance process.

He extending a cordial invitation to the Chinese Finance Minister to visit Pakistan, the press release added.

Likewise, in a meeting with President Global Policy and Advocacy of the Gates Foundation, Gargee Gosh, the finance minister appreciated the Gates Foundation’s continued support for Pakistan’s polio eradication efforts, maternal and child health and nutrition initiatives, family planning services, and vaccine delivery and immunization programs.

He lauded the Foundation’s collaboration with the Federal Board of Revenue (FBR) in introducing tax system digitalization to transform it into a digital tax administration. The discussions also included the integration of Buna and Raast payment platforms to promote seamless regional payments.

The minister requested the Foundation to continue its support for Pakistan’s polio eradication initiative and extended an invitation for participation in the upcoming awareness event on May 7, 2025, for the launch of Pakistan’s national hepatitis C elimination programme.