Pakistan Developing Climate Prosperity Plan, Urges MDBs for Expanded Grant Opportunities

ISLAMABAD, Oct 23 (Alliance News): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, announced that Pakistan is in the process of developing its Climate Prosperity Plan, emphasizing the importance of expanding grant opportunities and concessional financing windows through Multilateral Development Banks (MDBs).

He made this statement while participating in the Vulnerable Twenty Group (V20) Ministerial Dialogue in Washington, which focused on climate prosperity, financial reform, debt solutions, and affordable capital.

The minister stressed the need to reform global financial structures to make debt financing work for climate action, according to a press release issued by the Ministry of Finance.

He also endorsed the official recognition of the V20 by the International Monetary Fund (IMF) as an intergovernmental group.

Aurangzeb is leading the Pakistani delegation to the Annual Meetings of the World Bank (WB) and IMF, taking place in Washington DC from October 21-26, 2024.

The delegation includes Finance Secretary Imdad Ullah Bosal, Secretary Economic Affairs Dr. Kazim Niaz, and State Bank of Pakistan Governor Jameel Ahmad.

On the sidelines of these meetings, the finance minister met with Citibank’s delegation, led by Vice Chair of Public Sector Jay Collins, and briefed them on Pakistan’s economic stabilization efforts, ongoing reforms, and the government’s long-term “Road-to-Market” strategy. He highlighted Pakistan’s intention to tap international capital markets.

The minister also attended the G-24 Ministers and Governors Meeting, where he called for greater collaboration to address challenges such as climate change, population growth, and child stunting in developing countries.

As Pakistan assumes the role of Second Vice Chair of the G-24 Bureau for 2024-25, Aurangzeb urged for climate action and greater representation of developing countries in the Bretton Woods institutions.

In meetings with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), Aurangzeb discussed various issues, including bids for Islamabad airport and the privatization of state-owned enterprises (SOEs).

He thanked the IFC for its support and requested assistance in sectors like agribusiness, healthcare, transportation, and digital infrastructure.

Aurangzeb also engaged with his Saudi and Turkish counterparts, Mohammed Aljadaan and Mehmet Şimşek, to enhance bilateral trade and economic cooperation in key sectors.

Additionally, he met with Brent Neiman, Assistant Secretary for International Finance at the U.S. Treasury Department, to discuss Pakistan’s ongoing reforms and climate resilience efforts.

The finance minister’s discussions at the World Bank-IMF Staff Association forum focused on the measures Pakistan is taking to stabilize its economy and create a more favorable business environment for the private sector.