Finance Minister Aurangzeb discusses reforms in tax and energy sectors with WB, ADB presidents

WASHINGTON (92 News) - Finance Minister Muhammad Aurangzeb met with World Bank Group president Ajay Banga, World Bank Senior Managing Director Axel Van Trotsenburg and Asian Development Bank (ADB) President Masatsugu Asakawa.

During the meetings, he highlighted Pakistan's progress under the 9-month SBA program and ongoing reforms in priority areas of taxation, energy and privatization. Both sides agreed on the need for a rolling Country Framework Plan for 10 years. The World Bank President assured his full support for Pakistan's reforms and digitalization programmes to stabilize the economy and enhance revenues. He invited the WC president to visit Pakistan.

They explored the options of maximizing IDA resources and offsetting the front loading of IDA for flood affected areas. They agreed on the need to use the story of effective utilization of Pakistan IDA resources more effectively and benefit from the Knowledge Centre of the Bank.

Discussions focused on further strengthening Pakistan’s partnership with ADB, protecting country envelope of concessional financing and future project pipeline were also held.

Meanwhile, he also met with DFC CEO Scott Nathan. During the meeting, they explored ways for expansion of DFC's investments in Pakistan following amicable resolution of outstanding issues.

The minister informed that the government was encouraging innovative financing models to leverage private sector investment and PPP potential. He assured that the government was committed to extending all possible support to investment initiatives by any local/ foreign investors in Pakistan.