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Finance Minister Muhammad Aurangzeb discusses trade & investment cooperation with U.S. State Department

Washington: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Thomas Lersten, Senior Official to the Office of the Under Secretary for Economic Growth, Energy, and the Environment of the U.S. State Department.The Finance Minister thanked the United States for the participation of a strong and well-represented delegation in the Minerals Conference held in Pakistan.He expressed Pakistan's desire to engage constructively to address the trade imbalance between the two countries and informed that a high-level trade and investment delegation was expected to visit the United States shortly to explore avenues of mutually rewarding economic engagement.Meanwhile Senator Muhammad Aurangzeb held a meeting with Dev Jagadesan, Acting CEO of the US International Development Finance Corporation (DFC), on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C.The Finance Minister briefed Dev Jagadesan on Pakistan's macroeconomic outlook and discussed the pipeline o f potential investment projects, including Reko Diq.He appreciated the participation of senior US officials in the Pakistan Minerals Investment Forum and highlighted the immense potential for deepening mutually beneficial cooperation between Pakistan and the United States.Meanwhile Senator Muhammad Aurangzeb held a meeting with Baroness Chapman, Minister of State for International Development of the United Kingdom, on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C.The Finance Minister thanked Baroness Chapman for the United Kingdom's longstanding partnership with Pakistan and its continued support towards the country's socioeconomic development.He briefed her on the World Bank's 10-year Country Partnership Framework (CPF) for Pakistan, which places a strong emphasis on tackling population challenges and enhancing climate resilience.Highlighting Pakistan's commitment to digital reforms, the Finance Minister underscored the importance of reducing the human interface between tax collectors and taxpayers through the use of technology.He also appreciated the role of the REMIT platform in mapping development assistance over the past two years and in formulating an effective communication strategy.Meanwhile Senator Muhammad Aurangzeb met with Hiroshi Matano, Executive Vice President of MIGA. He acknowledged the efforts of MIGA for facilitating a negotiated settlement of the Star Hydro power dispute and assured the full support of the Finance Division in this regard.He appreciated the visit of the MIGA Mission to Pakistan to explore the possibility of establishing a trade finance facility and assured full support to facilitate the team's efforts. He expressed hope that MIGA would approve the deal during the current calendar year.Meanwhile Senator Muhammad Aurangzeb participated in a panel discussion at the International Monetary Fund (IMF) on the theme 'Navigating an Uncertain World.'The Finance Minister emphasized the importance of promoting regional trade in the wake of global uncertainty and elevated risks which affected different countries differently.He called for diversification of sectors and markets and underscored the need to shift the economic model from import substitution to export-led growth.Terming the IT sector as the real game-changer, he urged for integration of IT systems across government and private sector entities.Meanwhile Senator Muhammad Aurangzeb held a meeting with the senior management of JP Morgan Chase on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C.The Finance Minister briefed the delegation that the economic indicators of Pakistan were moving in the right direction. He underscored the importance of pursuing a more sustained growth trajectory to avoid the recurrence of boom and bust cycles.He also shared progress on the Reko Diq project and emphasized the need to diversify Pakistan's markets and sectors. The Minister expressed Pakistan's desire to return to international capital markets through the launch of an inaugur al Panda Bond.Meanwhile Senator Muhammad Aurangzeb met with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), and his team on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C.The Finance Minister thanked Makhtar Diop for his visit to Pakistan in March 2025. He briefed the delegation on the strong macroeconomic indicators of the country and the recent sovereign credit rating upgrade by Fitch, terming it an external validation of the government's successful reform initiatives.The Minister appreciated IFC's support for the Reko Diq project and urged the Corporation to expedite its advisory work on the Karachi airport.He agreed with the IFC Managing Director on the need to focus more on subnational governments and build their capacities for enhanced development impact.