Washington, April 26, 2025: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has urged urgent international action on climate resilience and economic diversification during his high-level engagements at the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, D.C.
Speaking at the dialogue for the Fund for Responding to Loss and Damage (FRLD), Aurangzeb described climate change as an existential threat to Pakistan, recalling the devastating floods of 2022. He called for the swift operationalization of the Loss and Damage Fund through simple, agile, and transparent mechanisms to ensure timely assistance for vulnerable countries.
In a series of bilateral meetings, the finance minister discussed foreign investment, economic reforms, and climate financing initiatives.
Meeting with Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA), Aurangzeb appreciated MIGA’s role in resolving the Star Hydro project dispute and welcomed MIGA’s planned mission to Pakistan later this year.
In talks with Thomas Lersten, a senior official at the US State Department, Aurangzeb thanked Washington for its support at the Pakistan Minerals Conference and emphasized the importance of resolving tariff issues. He announced that a high-level trade and investment delegation from Pakistan would soon visit the United States to deepen economic cooperation.
During discussions with International Finance Corporation (IFC) Managing Director Makhtar Diop, the minister highlighted Pakistan’s improving macroeconomic indicators, including a recent credit rating upgrade by Fitch. He urged the fast-tracking of IFC’s advisory support for Karachi Airport and capacity-building efforts at the subnational level.
Aurangzeb also met senior officials at the United States Export-Import Bank, briefing them on Pakistan’s progress under the IMF’s Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF). He sought greater support for US investment in strategic projects, particularly the Reko Diq mining initiative.
In a meeting with representatives from JP Morgan Chase, the finance minister reaffirmed Pakistan’s stable macroeconomic outlook and outlined plans to re-enter international capital markets through a Panda Bond issuance.
At an IMF panel discussion titled “Navigating an Uncertain World,” Aurangzeb stressed the need for regional trade, economic diversification, and export-led growth, particularly highlighting the technology and IT sectors as key engines for future development. Later, he met with Dev Jagadesan, Acting CEO of the US International Development Finance Corporation (DFC), to discuss expanding development finance cooperation. He also met Baroness Jenny Chapman, UK Minister of State for International Development, thanking the UK for its longstanding development partnership and highlighting progress on the World Bank’s 10-year Country Partnership Framework for Pakistan, which prioritizes climate resilience and population strategies. Aurangzeb also praised the UK’s REMIT initiative to improve transparency in development aid.
