Amid economic challenges, Pakistan Finance Minister Aurangzeb to participate in IMF, World Bank meetings
Oct 20, 2024
Islamabad [Pakistan], October 20 : Pakistan Finance Minister Muhammad Aurangzeb is set to arrive in Washington DC on Sunday to participate in the annual meetings of the International Monetary Fund (IMF) and the World Bank Group, taking place from October 21 to 26, according to a report by Dawn.
The IMF and World Bank Group's 2024 Annual Meetings will kick off on October 21 and wrap up on October 26 in Washington, DC. The main ministerial sessions will take centre stage from October 22 to 25.
Aurangzeb will lead a delegation that includes the finance secretary, economic affairs secretary, State Bank of Pakistan governor, and other key officials from the financial sector.
During their week-long visit, the Pakistani delegation is scheduled to engage in high-level discussions with IMF and World Bank leaders, and attend critical sessions of this annual gathering, Dawn reported.
Pakistan is gearing up for a series of bilateral meetings with key allies, including China, Saudi Arabia, Turkey, and other friendly nations, on the sidelines of the IMF and World Bank Group meetings.
Additionally, the Pakistan delegation will also hold talks with senior officials from the US Treasury Department.
This year's International Monetary Fund (IMF) and World Bank meetings for Pakistan are crucial, following the recent approval of a USD 7 billion loan aimed at stabilising the country's struggling economy.
Last month, Aurangzeb had said that Pakistan must overhaul its economic foundation to break free from repeated IMF bailouts. He had also stressed that the recently approved 37-month Extended Fund Facility (EFF) should be the country's "last."
While addressing a press conference in Islamabad, Aurangzeb said, "We need to adopt a new approach. If we are saying that this is going to be the last programme of IMF, we have just embarked on, we have to change the DNA of the economy fundamentally," ARY News reported.
This call for fundamental change came as Pakistan face significant economic challenges, including currency struggles, high inflation, and a substantial trade deficit.
Pakistan has availed 25 IMF programmes since becoming a member of the IMF in 1950. The most recent programme is a 37-month EFF approved in September 2024.
