Federal Finance Minister Muhammad Aurangzeb has attended the G24 meeting and met with other important leaders including World Bank President Jay Banga and Saudi Finance Minister.
On the occasion of the Finance Minister’s meeting with World Bank President Ajay Banga in Washington, the two leaders agreed on the need for a rolling country framework plan for 10 years. The World Bank President also supported the stabilization of Pakistan’s economy and tax increase programs.
Finance Minister Mohammad Aurangzeb also met his Saudi counterpart Mohammad Al-Jadaan, in which it was agreed to enhance bilateral cooperation and partnership.
Mohammad Aurangzeb also attended a meeting of G24 Finance Ministers and Central Bank Governors where he called for more investment in the private sector and leveraging the “Adaptation Fund” to help the country deal with the adverse effects of climate change. Emphasized the need.
The meeting’s communiqué called for steps by the group to increase financing available to developing countries.
The Federal Minister of Finance also met the Regional Vice President of MCT of International Finance Corporation, Hela Chekhroho, in which he reiterated his commitment to work with IFC in priority sectors like remittance promotion, mining, airports. .
The Finance Minister also met the President of the Asian Development Bank, Masatsugu Esawa, in which discussions were held on strengthening Pakistan’s partnership with the Asian Development Bank.
The meeting between the two leaders emphasized the need to focus on concessional financing and future projects.
Finance Minister Muhammad Aurangzeb also met CEO, DFC Scott Nathan to discuss expansion of DFC’s investment in Pakistan.
On this occasion, the Finance Minister assured that the government is committed to provide all possible support for investment initiatives in Pakistan.
It should be noted that Federal Finance Minister Muhammad Aurangzeb along with a delegation is in Washington to negotiate a new bailout package from the International Monetary Fund (IMF).
Earlier, while speaking at the Atlantic Council in Washington, the Finance Minister said that there has been a positive discussion with the IMF officials, they are taking steps to increase the tax collection.
He said that the government will push forward the reform agenda, there is a plan to discuss the loan extension program with the IMF, the experience in the private sector will be used for economic stability.
He further said that 10% tax to GDP is insufficient, it has to be taken up to 15% and investment to GDP must also be taken up to 15%.
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2024-04-20 19:25:35