Achi news desk-
- Lu reaffirms US commitment to strengthening ties with Pakistan.
- Dignitaries are exploring widening the tax base, streamlining the energy sector.
- Privatization was also discussed at a meeting held at the World Bank Headquarters.
WASHINGTON: Pakistan’s reform agenda came under discussion during a high-level meeting between Finance Minister Muhammad Aurangzeb and US State Department Assistant Secretary Donald Lu.
The two dignitaries explored expanding the tax base, streamlining the energy sector, and privatization during the huddle at the World Bank headquarters in Washington on Wednesday.
Ambassador Lu, with the Principal Deputy Assistant Secretary of the Department of State, Elizabeth Horst, at the meeting, reaffirmed Washington’s commitment to promoting relations between the United States and Pakistan.
Aurangzeb, who is currently in Washington to hold talks with the International Monetary Fund (IMF) for a new bailout package and attend World Bank meetings, has also been holding meetings with top officials in the United States on the side line.
Aurangzeb and the US official focused on upgrading economic partnerships, with an emphasis on alternative energy, agriculture, climate resilience and the technology industry.
The Pakistani minister noted American investment opportunities in information technology, renewable energy, agriculture and mineral extraction.
He also promised to work closely with the US International Development Finance Corporation and Exim Bank in order to develop together.
In a separate meeting, Scott Nathan, head of the United States International Development Finance Corporation (USIDFC), said that Washington is invested in Pakistan – including in clean energy, financial inclusion, and flood relief.
“… and we are keen to invest further”, wrote Nathan in a post on X, formerly Twitter.
In his post, the head of the USIDFC added that ways to grow the portfolio between Pakistan and the United States had been discussed in his meeting with Minister Aurangzeb and the Ambassador of Pakistan, Masood Khan.
The finance czar talked about the prospects of expanding USIDFC’s investment in Islamabad and “amicable resolution of outstanding issues” at the meeting.
Meanwhile, the finance minister on Wednesday also held key meetings with the heads of various financial institutions and forums including the heads of the World Bank and the Asian Development Bank.
In his meeting with WB President Ajay Banga, Aurangzeb highlighted Pakistan’s progress in the standing standby arrangement (SBA) with the IMF and the reforms made by Islamabad in terms of taxation, energy and privatisation.
He also led the Pakistani delegation’s meeting with Asian Development Bank (ADB) President Masatsugu Asakawa which saw both sides discuss issues related to further improving Islamabad’s partnership with the ADB to protect the country’s envelope of concessional financing and the projects on in progress.
