WASHINGTON, Oct 26 (NNI): Finance Minister Muhammad Aurangzeb has thanked Asian Development Bank (ADB) President for approval of US$ 500 mln loan for climate protection.
The Finance Minister was called on ADB President Masatsugu Asakawa in Washington and appreciated the bank’s support for the Pakistan’s development agenda and approval of US$ 500 mln policy-based loan for climate protection and safety programme for natural disasters in country.
In the meeting the two officials also agreed over increase in Pakistan’s revenues, regional cooperation and timely completion of the ADB office in Islamabad.
ADB’s board will review the loan proposal on October 29.
The finance minister expressed appreciation for the bank’s ongoing contributions, specifically highlighting ADB’s exemption of Pakistan from excess surcharges over the next three years. Aurangzeb also praised ADB’s active role in Pakistan’s policy-based loan programs, which he noted are vital for the country’s economic stability.
The minister discussed the expected early completion of ADB’s Country Partnership Framework, which will serve as a roadmap for ongoing developmental collaboration. Both leaders emphasized the importance of regional cooperation and the need to strengthen Pakistan’s domestic revenue generation.
On the other hand, Finance Minister Aurangzeb met with representatives from Moody’s Credit Rating Agency and the US Export-Import Bank (EXIM) in Washington. The minister thanked Moody’s for recently upgrading Pakistan’s credit rating to CAA2.
The two sides discussed debt sustainability and monetary policy in the meeting, which was also briefed on dealing with external vulnerabilities, foreign exchange reserves and fiscal discipline. They also talked about revenue situation, government capacity and the strength of financial markets.
In a separate meeting with Reta Jo Lewis, president of the US EXIM Bank, Aurangzeb discussed potential partnerships in Pakistan’s energy, minerals, and IT sectors. Lewis assured that US EXIM Bank would provide the necessary data to assess financing.
Finance Minister Muhammad Aurangzeb, who is currently in the United States for the World Bank-International Monetary Fund (IMF) Annual Meetings, has underscored Pakistan’s improved economic indicators due to the incumbent government’s strenuous efforts to tackle the challenges on the economic front.
During a meeting with US Assistant Secretary of State for Energy Resources Geoffery Pyatt, the finance czar briefed the former on the challenges faced by the energy sector and reforms being introduced by the government. He further thanked Washington for its offer of support with regard to Islamabad’s transition to renewable energy.
The meeting came as the finance minister is leading Pakistan’s delegation to the WB-IMF meeting being held in the US capital from October 21 to 26.
The minister also held a meeting with Secretary General of the Digital Cooperation Organisation (DCO) Deemah Al Yahya wherein he underscored the enormous potential that existed in the information and communication technology (ICT) sector in the country.
He further apprised the official that Islamabad was investing in an inclusive digital ecosystem to improve governance, citizens’ quality of life and economic well-being and emphasised closer collaboration in the digital infrastructure, digital economy, digital FDI, digital skills, and digital governance. NNI
