Finance Minister Muhammad Aurangzeb expressed hope that a Country Partnership Framework (CPF) of the Asian Development Bank (ADB) would be finalized soon.
The remarks from Aurangzeb came during a meeting with Masatsugu Asakawa, President of ADB, in Washington, where the finance minister is attending the annual meetings of the International Monetary Fund (IMF) and the World Bank.
During the meeting, Aurangzeb appreciated ADB’s partnership with Pakistan to support its development agenda and welcomed the launch of the new ADB office in Islamabad.
“Aurangzeb commended ADB for successful completion of the Capital Adequacy Framework and exemption provided to Pakistan from the surcharges beyond exposure limits for the next three years,” read a statement released by the Finance Division.
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He appreciated ADB’s support for a policy-based loan of $500 for the crucial Climate & Disaster Resilience Enhancement Program, which is going to be considered by the ADB Board on October 29.
“Both sides agreed on the need for domestic revenue mobilization, regional cooperation and early completion of the ADB office in Islamabad,” it added.
During his meeting with the representatives of S&P Global, Aurangzeb shared the update on macroeconomic stabilization, fiscal consolidation measures and external account developments which were reflected in improving key indicators across the board.
He informed the government financing cost was coming down, which would reduce the debt servicing cost.
“Aurangzeb expressed the hope that S&P Global would upgrade Pakistan’s rating soon.”
In the meeting with Geoffery Pyatt, Assistant Secretary of State for Energy Resources of the United States, the finance minister briefed him on the challenges faced by the energy sector and reforms being introduced by the government.
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He thanked the US government for the offer of support concerning the country’s transition to renewable energy.
Finance Minister Aurangzeb also met with Reta Jo Lewis, President of Export-Import (EXIM) Bank of the US.
During the meeting, the former CEO of HBL urged closer collaboration between the Exim Banks of the two countries and welcomed US Exim Bank’s interest in energy, minerals and IT sectors in Pakistan.
“He assured sharing the data to enable the US entity to evaluate its entry into Pakistan’s market and sought clarification on the US nexus requirements for goods and services financed or insured by the Exim Bank,” read the statement.