ADB to provide policy based loan to Pakistan, says Aurangzeb
Business
both sides agreed on the importance of domestic revenue mobilization, regional cooperation
WASHINGTON (Dunya News/Web Desk) - Minister for Finance Muhammad Aurangzeb has hailed Asian Development Bank (ADB) partnership with Pakistan to support its development agenda.
He expressed these views while talking to President of the ADB Masatsugu Asakawa in Washington.
The Minister also welcomed the launch of the new ADB office in Islamabad and expressed the hope for early finalisation of ADB’s Country Partnership Framework.
Muhammad Aurangzeb commended the Bank for completing the Capital Adequacy Framework and for exempting Pakistan from surcharges beyond exposure limits for the next three years.
He also appreciated ADB’s support for a Policy-Based Loan of USD 500 million for the Climate & Disaster Resilience Enhancement Program, scheduled for consideration by ADB’s Board on 29th of this month.
During the meeting, both sides agreed on the importance of domestic revenue mobilization, regional cooperation and the timely completion of ADB’s new office in Islamabad.
MET S&P GLOBAL REPRESENTATIVES
Aurangzeb met representatives of S&P Global in Washington DC on Friday.
During the meeting, the Finance Minister provided updates on macroeconomic stabilization, fiscal consolidation measures and external account developments, reflected in improved key indicators across the board.
He informed that government financing costs had been re coming down, which will reduce debt servicing costs.
The Minister expressed hope that S&P Global would soon upgrade the country's rating.
Finance Minister Muhammad Aurangzeb held meeting with Digital Cooperation Organisation (DCO) Secretary-General, Deemah AlYahya and informed the potential of IT sector in Pakistan.
MEETING WITH GROUP CEO OF DUBAI ISLAMIC BANK
Aurangzeb has thanked the Group CEO of Dubai Islamic Bank for timely support in bridging the financing gap and appreciated its plans to expand operations in Pakistan.
He said this while talking to Group CEO of Dubai Islamic Bank Dr. Adnan Chilwan in Washington. The Minister informed that Pakistan’s credit rating had recently been upgraded by Fitch and Moody’s.
He indicated the government’s intention to tap into International Capital Markets (ICM) through an inaugural Panda Bond to diversify the financing base.
During the meeting, various lending options offered by Dubai Islamic Bank to the Government of Pakistan were discussed. The two sides expressed their intent to collaborate further.
TALKS WITH MOODY
Minister for Finance and Revenue Muhammad Aurangzeb has appreciated Moody’s recent upgrade of Pakistan’s credit rating to Caa2.
He was talking to representatives of Moody’s credit rating agency, who met the Minister in Washington.
The Minister informed that senior officers of the Ministry of Finance and the Central Bank regularly engage with rating agencies.
The meeting included a detailed briefing on debt sustainability, monetary policy, susceptibility to external vulnerabilities, FX reserves, fiscal discipline, revenue outlook, governance strength, and financial markets resilience.
