Muhammad Aurangzeb meets IDB chief, lauds support for Pakistan

Finance Minister Muhammad Aurangzeb held a meeting with the President of the Islamic Development Bank Dr. Muhammad Sulaiman Al Jasser in Washington.

He acknowledged the Bank’s role as a reliable partner in Pakistan’s progress and appreciated its financing in various sectors including energy, transportation, education, and health.

Muhammad Aurangzeb lauded Bank’s investment in the Mohmand Dam, along with other members of the Arab Coordination Group, as a model for co-financing similar or larger projects in the future.

The finance minister also held a meeting with the leadership of Mashreq Bank.

He appreciated the Bank’s longstanding partnership with Pakistan and highlighted the performance of the economy over the past year.

Aurangzeb expressed satisfaction that the Bank is expanding its operations in Pakistan and would soon launch a new office.

Meanwhile, Muhammad Aurangzeb also held a meeting with the representatives of JP Morgan Bank in Washington.

He provided an overview of the improvements in Pakistan’s economic outlook and emphasized the importance of the IMF’s Extended Fund Facility for lending permanence to macroeconomic stability and executing structural reforms.

The finance minister highlighted significant reforms in taxation, privatization, and the overhauling of state-owned enterprises.

He also expressed Pakistan’s resolve to tap into International Capital Markets through the issuance of its inaugural Panda Bond.

Earlier, Finance Minister Muhammad Aurangzeb Wednesday hinted State Bank of Pakistan (SBP) might further slash interest rate in November’s Monetary Policy.

“SBP has cut its benchmark interest rate for three consecutive meetings by 450 basis points to 17.5 per cent from a record 22 per cent. The next meeting on Nov 4 may see the central bank reduce the policy rate, Muhammad Aurangzeb in an interview with Bloomberg in Washington on the sidelines of the IMF meeting.