FinMin Aurangzeb meets World Bank President, seeks additional support

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with World Bank President Ajay Banga and requested additional support in view of reduced allocations.

Muhammad Aurangzeb continued his engagements on the fifth day of his visit to Washington, DC, where he is attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.

During a meeting with World Bank President Ajay Banga, Senator Aurangzeb provided an update on the government’s flood response and expressed appreciation for the Bank’s support following the completion of the post-flood damage assessment.

Senator Aurangzeb endorsed the proposal of utilizing technology platforms and cooperatives to reach small farmers and thanked the World Bank for its technical assistance in developing Pakistan’s Tariff Policy.

He also apprised the President of the Memoranda of Understanding signed with provinces for the implementation of the Country Partnership Framework (CPF) and requested additional support under the IDA window in view of reduced allocations.

Both sides also discussed adopting a holistic approach to reforms in the gas and power sectors.

Senator Aurangzeb also met with Baroness Jenny Chapman, UK Minister for International Development and Africa, expressing gratitude for the UK’s long-standing development partnership with Pakistan. He acknowledged the UK’s ongoing support for the Digital Dashboard and stressed the importance of better stakeholder consultation in project selection and implementation, as well as increased visibility for off-budget initiatives.

Later, Senator Aurangzeb participated in a high-level event titled “Financing in a Fragmented World”, where he outlined the global growth headwinds anticipated for 2025–26, including rising trade barriers and falling energy prices.

In his remarks, he noted that the global economy had proven more resilient than projected earlier in 2025, despite reciprocal tariffs imposed in recent months.

He viewed Pakistan’s ongoing trade negotiations with U.S. authorities, engagement with Chinese leadership, new security arrangement with Saudi Arabia, and the launch of CPEC 2.0 as key geopolitical developments positively influencing Pakistan’s economic outlook.

The minister emphasized that global trade fragmentation was prompting countries to strengthen regional corridors and diversify trading partners.

Highlighting the devastating impact of recent floods in Pakistan, he termed climate change an existential challenge for the country.