Finance Minister Muhammad Aurangzeb engaged in discussions with World Bank Group President Ajay Banga, World Bank Senior Managing Director Axel Van Trotsenburg, and Asian Development Bank (ADB) President Masatsugu Asakawa regarding Pakistan’s ongoing reforms in taxation, energy, and privatization sectors.
Highlighting Pakistan’s advancements under the 9-month SBA program, Minister Aurangzeb emphasized the significance of continuous reforms in these critical areas.
Both parties acknowledged the necessity of a rolling Country Framework Plan spanning 10 years to drive sustainable development. President Banga pledged unwavering support for Pakistan’s reform agendas and digitalization initiatives, envisioning economic stabilization and revenue augmentation.
Additionally, he extended an invitation for the World Bank president to visit Pakistan to deepen collaboration. Discussions also encompassed strategies to maximize IDA resources and address front loading challenges in flood-affected regions, emphasizing effective resource utilization and knowledge sharing through the Bank’s platforms.
The dialogue further delved into bolstering Pakistan’s collaboration with ADB, ensuring the preservation of concessional financing envelopes, and outlining future project pipelines. Concurrently, Minister Aurangzeb met with DFC CEO Scott Nathan to explore avenues for expanding DFC’s investments in Pakistan, signaling a positive trajectory following the resolution of outstanding issues.
