Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, on Saturday, witnessed the signing of a Swap Agreement between the State Bank of Pakistan (SBP) and the International Finance Corporation (IFC).
The signing took place during his meeting with IFC Managing Director Makhtar Diop on the sidelines of the IMF–World Bank Annual Meetings in Washington, DC.
The finance minister hailed IFC’s recent reorganisation, which has designated Pakistan as a regional hub, calling it a strong vote of confidence in the country’s growing economic potential.
He also reaffirmed the government’s commitment to deepening its partnership with the IFC across key development and financial sectors.
Highlighting progress on the Reko Diq project, Senator Aurangzeb expressed optimism about the EXIM Bank’s participation in the near future.
He further appreciated IFC’s continued support for subnational finance and Digital Payment Rights (DPR) initiatives, as well as its advisory role in sectors such as pharmaceuticals, electric vehicles, and commodity exchanges.
The FinMin also welcomed Diop’s upcoming visit to Pakistan around the Spring Meetings, expressing confidence that it would further strengthen Pakistan–IFC collaboration.
Meanwhile, Aurangzeb also participated in the 15th V20 Ministerial Dialogue on “Cost of Capital, Debt & Growth Pathways.”
In his address, he highlighted the increasing frequency and intensity of devastating floods in Pakistan, emphasising that the Government continues to fund rescue and relief operations from its own resources.
He appreciated the support extended by the CVF–V20 Secretariat in assisting Pakistan with the preparation of its Climate Prosperity Plan (CPP), and informed that financing is being made available under the Country Partnership Framework (CPF) to operationalise the plan.
Senator Aurangzeb also underscored the need to operationalise the Loss and Damage Fund and called for fast-tracking decision-making processes at the Green Climate Fund (GCF) to ensure timely and effective climate action for vulnerable countries.
