WASHINGTON D.C: Pakistan’s finance minister Mohammad Aurangzeb has expressed optimism regarding further improvement in Pakistan’s ratings from international agencies.
During a meeting with officials from Fitch Ratings in Washington D.C, he thanked the agency for upgrading Pakistan’s credit rating to B- with a stable outlook, and expressed satisfaction that all three major agencies were now aligned in their assessments.
He highlighted the Government’s continued efforts toward privatization and diversification of financing through Panda Bonds.
In a significant meeting with President of the World Bank Ajay Banga, the finance minister briefed on the Government’s flood response and appreciated the Bank’s support following the completion of the post-flood damage assessment.
He endorsed the proposal of utilizing technology platforms and cooperatives to reach small farmers and thanked the World Bank for its technical assistance in developing Pakistan’s Tariff Policy.
He also apprised the President of the Memoranda of Understanding signed with provinces for the implementation of the Country Partnership Framework (CPF).
Both sides also discussed adopting a holistic approach to reforms in the gas and power sectors.
The Finance Minister also met with UK Minister for International Development & Africa Baroness Jenny Chapman, and expressed appreciation for the United Kingdom’s longstanding development partnership with Pakistan. He acknowledged the UK’s continued support for the development of the Digital Dashboard and underscored the importance of greater stakeholder consultation in project selection and implementation, as well as enhanced visibility for off-budget initiatives.
In his meeting with Group CEO of Dubai Islamic Bank (DIB) Dr. Adnan Chilwan, the Finance Minister reaffirmed Pakistan’s focus on diversifying its funding mix across US dollar, Panda and Sukuk markets.
