- FinMin Muhammad Aurangzeb leads the Pakistani delegation.
- They hold a meeting with senior official at the International Monetary Fund, Jihad Azour.
- A delegation thanks the International Monetary Fund official for approving a loan worth $7 billion.
A senior International Monetary Fund official stressed that Pakistan must continue on the path of reforms that helped it secure crucial financing from the bank.
This came during a meeting of a high-level Pakistani delegation with the Director of the Middle East and Central Asia Department at the International Monetary Fund, Jihad Azour, in Washington on Tuesday, according to a statement by the Ministry of Finance.
Federal Finance Minister Muhammad Aurangzeb is leading the Pakistani delegation to the annual meetings of the World Bank Group and the International Monetary Fund, held in Washington, D.C., from October 21 to 26.
Other delegates include Finance Minister Imdadullah Bawsal, Economic Affairs Minister Dr Kazim Niaz, and State Bank of Pakistan Governor Jameel Ahmed, the ministry added.
The delegation thanked the IMF for its continued support to Pakistan, especially with regard to the recently approved $7 billion Extended Fund Facility.
The delegation outlined the government’s efforts towards fiscal consolidation, revenue expansion, energy reforms and state-owned enterprises, with the aim of moving Pakistan from stability to growth.
Meanwhile, the Pakistani delegation held a meeting with representatives of Alvarez & Marsal Sovereign Advisory Services, which includes Dr. Reza Baqir, Managing Director and Head of Global Practice, Peter Briggs, Executive Director of Sovereign Advisory Services, and Thibaud Fourcade.
The Alvarez and Marsal team congratulated Pakistan on the successful conclusion of the Extended Fund Facility Agreement with the IMF and discussed various ways through which Pakistan can access international capital markets and external creditors.
The team identified the necessary steps for the country to chart a rapid path towards capital markets by following a well-sequenced strategy.