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Pakistani Finance Minister Meets IFC Head to Discuss Economic Reforms and Cooperation

Washington DC, Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with Mr. Makhtar Diop, Managing Director of the International Finance Corporation (IFC), to discuss Pakistan’s positive economic indicators and ongoing reforms. The meeting took place on the sidelines of the IMF/World Bank Spring meetings in Washington D.C.

According to Press Information Department, Aurangzeb briefed Diop on the encouraging signs in Pakistan’s economy, including improved foreign exchange reserves, a stable currency, declining inflation, a surging stock market, and an increase in institutional and foreign inflows following the 9-month Standby Arrangement (SBA) with the International Monetary Fund (IMF). He mentioned that Pakistan is seeking a larger and extended program with the IMF to build on this progress.

The Finance Minister identified several key areas of reform that the government is prioritizing, such as broadening tax reforms, fixing the energy sector, and undertaking state-owned enterprise (SOE) reforms. He thanked the IFC for its support in the outsourcing of Islamabad airport, with plans to extend similar initiatives to airports in Lahore and Karachi.

Aurangzeb noted with satisfaction that IFC’s activities in Pakistan have gained momentum and requested support from the IFC to help the government transition its Public Sector Development Program (PSDP) to a Public-Private Partnership (PPP) mode.

The discussion between Aurangzeb and Diop underscored the ongoing collaboration between Pakistan and the IFC, emphasizing the importance of international support in implementing economic reforms and promoting sustainable growth.