PR No. 158 Washington DC: April 19, 2024

The Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with representatives from Moody's Investor Service on the sidelines of the World Bank Group-IMF Spring Meetings in Washington D.C. During the meeting, Finance Minister briefed Moody's on Pakistan's key economic indicators and macro-economic stabilization achieved after entering into a Stand-by Arrangement (SBA) with International Monetary Fund (IMF). He highlighted government's key priorities including tax and energy sector reforms, as well as the privatization agenda. Finance Minister indicated the government's intention of tapping international capital markets, with a focus on the Middle East and China, to support Pakistan's economic growth and development. He also addressed questions related to inflation, foreign exchange reserves, debt repayments, external account vulnerability, and domestic liquidity and expressed confidence in the government's ability to address these challenges and create an environment conducive to sustainable economic growth. He hoped that Moody's Investor Service would upgrade Pakistan's credit rating soon, reflecting the country's improved economic fundamentals and government's commitment to reforms. Finance Minister attended an important "Roundtable with Investors" to highlight Pakistan's stable macroeconomic indicators and outline the government's reform agenda. He apprised the investors of Pakistan's declining inflation rates, stable currency, robust growth in the agriculture sector, strong remittance inflows, rising forex reserves, and a buoyant stock market. These positive indicators, he added, underscored the country's improved economic outlook. He stated the government's intention to enter into a larger and extended program with the International Monetary Fund (IMF), building upon the successful Stand-By Arrangement (SBA). He also discussed key priorities of the government around taxation, energy sector reforms, and privatization program. He noted that the World Bank's focus on climate change, digitalization, and human capital development aligned well with government's priorities. Investors appreciated the government's efforts to stabilize the economy and expressed keen interest in exploring potential investment opportunities in Pakistan. The Finance Minister also met with Mr. Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), to discuss potential avenues for enhanced economic cooperation between Pakistan and Saudi Arabia. During the meeting, Finance Minister briefed Mr. Al-Marshad on his recent visit to Saudi Arabia as well as the recent visit of a high-level Saudi delegation to Pakistan. Both sides reviewed and expressed satisfaction with the progress of ongoing development projects. Finance Minister also discussed funding of ongoing projects, including Diamer Bhasha Dam and the N-25 highway from Karachi to Chaman. He assured that Pakistan would pitch bankable and investable projects to Saudi investors, highlighting the country's investment potential and favorable policies. Finance Minister attended the "Roundtable on Implementing for Faster Results and Greater Impact" organized by the World Bank. In his intervention, he appreciated the World Bank's Thought Leadership and its insightful report titled "From Swimming in the Sand to High and Sustainable Growth." The report laid out a clear roadmap for Pakistan to become a High Middle- Income country by 2047, with the potential for the economy to grow from over US$ 300 billion to US$ 3 trillion. He emphasized that the World Bank's focus on climate change, digitalization, and human development aligned with the government's priorities. Finance Minister commended the World Bank's initiative to launch a single platform to enhance its operational effectiveness. Finance Minister met with Mr. Andrew Mitchell, UK's Minister of State for Development and Africa. During the meeting, the Minister acknowledged the long-standing relations between Pakistan and the UK rooted in shared history and mutual understanding. He expressed gratitude for UK's support in areas such as education, health, financial management, and governance. Finance Minister briefed him on the favourable economic indicators of the country and priority areas of taxation, energy sector and SOE reforms and highlighted government's efforts to create a conducive environment for foreign investment and economic growth, transparency, and inclusive participation. He also invited British International Investment (BII) to invest in bankable projects in Pakistan and thanked UK Minister for planning a visit to Pakistan in August 2024. Finance Minister, Mr. Muhammad Aurangzeb, met with Citibank officials. He briefed them on the positive economic indicators including buoyant stock market, renewed interest of foreign buyers and institutional flows on the back of Stand-by Arrangement (SBA) signed with IMF. He informed them that Pakistan had successfully repaid Eurobond on time. He further apprised them that government had initiated discussions with IMF on a larger and extended programme and it was fully committed to carrying out both short-term and long-term reforms in the areas of taxation, energy sector overhaul and SOE reforms. As part of his media engagements, Finance Minister gave media interviews to Reuters and China Global Television Network (CGTN). Finance Minister is leading Pakistan's delegation in the IMF / World Bank's 2024 Spring Meetings being held in Washington DC. Other delegates include Mr. Imdadullah Bosal, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division, Mr. Jameel Ahmed, Governor State Bank of Pakistan and Mr. Adil Akbar Khan, Senior Joint Secretary, Economic Affairs Division. *-*-*-*-* ?

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