Washington DC : The Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with the ChineseFinance Minister, Mr. Lan Fo’an, on the sidelines of the IMF/World Bank Spring Meetings inWashington D.C. Finance Minister conveyed condolences on behalf of the leadership and peopleof Pakistan over the recent terrorist attack against Chinese nationals in Pakistan. He reaffirmedPakistan’s unwavering commitment to ensuring the safety and security of Chinese citizens andinvestments in the country. He lauded China’s invaluable contribution to Pakistan’s developmentthrough initiatives such as the China-Pakistan Economic Corridor (CPEC) and support atinternational financial institutions. Apprising the Chinese counterpart of the progress on CPEC,Finance Minister stated that Phase-I focused on infrastructure development, while Phase-II wouldemphasize monetizing assets through the operationalization of Special Economic Zones andrelocation of Chinese Private-Owned Companies (POCs). He expressed the government’s resolveto accelerate Phase-II of CPEC. Finance Minister also expressed gratitude to the Chinesegovernment for the SAFE deposits and their regular roll-overs, which have played a crucial rolein addressing Pakistan’s external financing gaps. He informed the Chinese Minister that Pakistanwas entering into a larger and extended program with International Monetary Fund (IMF) andlooked forward to China’s continued support. He also briefed him on the government’s priorities,including broadening the tax base, fixing the energy sector, and overhauling the state-ownedenterprises (SOEs). He stated that Pakistan aimed to tap into the Chinese Bond Market and launchPanda Bonds during the fiscal year 2025-26. Both sides agreed on the need to continue theircooperation within international institutions, reflecting deep-rooted economic ties between the twocountries.Finance Minister also met with Mr. Martin Raiser, the World Bank’s Regional Vice President forSouth Asia, to discuss Pakistan’s reform initiatives and development priorities. During the meeting,Finance Minister expressed satisfaction that the new Country Partnership Framework (CPF)between Pakistan and the World Bank would be finalized soon. He underlined the government’sreform thrust in the areas of energy, taxation, and state-owned enterprises (SOEs), highlighting thepursuit of both short and long-term goals in these crucial sectors. Referring to his earlier meetingswith the Senior Leadership of the World Bank, Finance Minister stated that the Bank’s focus onclimate change, digitalization, and human capital development aligns well with the priorities ofthe government. Finance Minister highlighted the government’s vision to realize Pakistan’s trueeconomic potential in terms of sustainable economic growth. He stressed the importance of timelycompletion of development projects and the realization of intended impacts and outcomes,emphasizing the need for effective implementation and monitoring. He also briefed Mr. Raiser onthe role of the Special Investment Facilitation Council (SIFC) as a one-window facility forinvestment promotion and facilitation. Both sides agreed on the need for reforms in the agriculturesector, water management, and waste-water treatment.Finance Minister met with Mr. Brent Neiman, Deputy Under Secretary for International Financeat the U.S. Department of Treasury, on the sidelines of the IMF/World Bank Spring Meetings inWashington D.C. Finance Minister briefed Mr. Neiman on Pakistan’s positive economic indicatorsin the wake of the Stand-By Arrangement (SBA) signed with the International Monetary Fund(IMF). He informed that the government has prioritized reforms in taxation, energy sector, andstate-owned enterprises (SOEs). He underscored the United States’ significance as Pakistan’slargest trading partner and a key source of remittances and Foreign Direct Investment (FDI). Hebriefed Mr. Neiman on the role of the Special Investment Facilitation Council (SIFC) in facilitatingforeign investment into the country. Finance Minister welcomed his visit to Pakistan after thepresentation of the budget and assured full support in this regard.The Finance Minister, Mr. Muhammad Aurangzeb, held a meeting with Mr. Jin Liqun, Presidentof the Asia Infrastructure Investment Bank (AIIB), to discuss Pakistan’s economic trajectory andexplore avenues for enhancing cooperation in infrastructure development. During the meeting, theFinance Minister briefed the AIIB President on Pakistan’s positive economic indicators, includingimproving foreign exchange reserves, a stable currency, declining inflation rates, and a surgingstock market. He highlighted the renewed institutional and foreign inflows into the market, on theback of the successful 9-month Stand-By Arrangement (SBA) with the International MonetaryFund (IMF). The Finance Minister informed Mr. Jin Liqun that Pakistan was looking to enter intoa larger and extended program with the IMF, building upon the progress achieved under the SBA.He identified broadening the tax base, fixing the energy sector, and undertaking state-ownedenterprise (SOE) reforms as key priorities of the government. Finance Minister expressed gratitudefor AIIB’s support in the aftermath of the devastating 2022 floods, particularly the co-financing ofUS$ 250 million for the RISE-II program of the World Bank. He reaffirmed Pakistan’s commitmentto continue working closely with AIIB on the infrastructure development of the country. Heappreciated AIIB’s additional commitment of US$ 500 million in project assistance andacknowledged the satisfactory progress on project implementation and disbursements.Finance Minister met with Mr. Makhtar Diop, Managing Director of the International FinanceCorporation (IFC). In the meeting, Finance Minister briefed Mr. Diop on Pakistan’s positiveeconomic indicators, including improving foreign exchange reserves, stable currency, declininginflation rates, and a surging stock market. He highlighted the renewed institutional and foreigninflows into the market, bolstered by the successful 9-month Stand-By Arrangement (SBA) withthe International Monetary Fund (IMF). He informed the IFC Managing Director that Pakistanlooked forward to entering into a larger and extended program with the IMF. The Finance Ministeridentified broadening tax reforms, fixing the energy sector, and undertaking state-owned enterprise(SOE) reforms as key priorities of the government. He expressed gratitude to IFC for its supportin the outsourcing of the Islamabad airport, which will be followed by similar initiatives in Lahoreand Karachi. He noted with satisfaction the uptick in IFC activities in the country and requestedthe corporation’s support in assisting the government in shifting its Public Sector DevelopmentProgram (PSDP) to PPP mode.Other engagements of the Finance Minister included luncheon meeting with Country ManagementUnit (CMU) of the World Bank, participation in the High-level Closed-door Roundtable onFinancial Markets Access: Challenges and Opportunities organized by the Middle East and CentralAsia Department (MCD), IMF and meeting with Mr. Andrew Torre, Regional President, VISA.Finance Minister is leading Pakistan’s delegation in the IMF / World Bank’s 2024 Spring Meetingsbeing held in Washington DC. Other delegates include Mr. Imdadullah Bosal, Finance Secretary,Dr. Kazim Niaz, Secretary Economic Affairs Division, Mr. Jameel Ahmed, Governor State Bankof Pakistan and Mr. Adil Akbar Khan, Senior Joint Secretary, Economic Affairs Division