Finance Minister Aurangzeb leaves for US to attend IMF, WB sessions

ISLAMABAD: Finance Minister Muhammad Aurangzeb has departed for Washington to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank.

Aurangzeb will represent Pakistan in crucial IMF and WB plenary sessions.

During his visit, Finance Minister Aurangzeb will hold meetings with the IMF, World Bank, IFC top officials. He will also hold meeting with the WB President Ajay Banga and attend a dinner hosted by him for global finance ministers.

He will also hold a meeting with the IMF Managing Director Kristalina Georgieva.

The minister is scheduled to meet his counterparts from China, Britain, Saudi Arabia, Turkey, and Azerbaijan.

Additionally, Aurangzeb will hold discussions with senior White House officials, meet the Chairman of the Financial Services Committee of the US Congress.

The next round of economic review talks between Pakistan, and the IMF will be held in Washington alongside the annual meetings from October 13 to 18. The discussions aim to reach a staff-level agreement that could unlock the next $1.2 billion tranche under the ongoing loan programme.

The finance ministry sources have said that Pakistan’s virtual talks will be continued with the IMF which have been assured of Pakistan’s implementation of the remaining targets set by the lender.

“Talks have been underway over the draft of the memorandum of economic and financial policies (MEFP), while the country has sought time from the IMF for publishing the Corruption and Governance Diagnostic Assessment Report,” according to sources.

“The report will be published after making amends in it,” sources said.

Sources said that the staff level deal with the IMF will be signed after after agreement over the MEFP.

“The IMF has been requested for softening and amendments in the MEFP draft”, sources added.