Govt funding rescue, relief operations from own resources: Aurangzeb

WASHINGTON, D.C.: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb highlighted the increasing frequency and intensity of devastating floods in Pakistan and emphasized that the government continues to fund rescue and relief operations from its own resources.

Aurangzeb was participating in the 15th V20 Ministerial Dialogue on “Cost of Capital, Debt & Growth Pathways” held on the sidelines of the IMF-World Bank Annual Meetings in Washington D.C here on Saturday.

In his address, 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 operationalize the plan.

Senator Aurangzeb also underscored the need to operationalize 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.

In another development, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), on the sidelines of the IMF-World Bank Annual Meetings in Washington, D.C.

He welcomed IFC’s recent reorganization which has upgraded Pakistan as a regional hub, terming it a strong vote of confidence in the country’s economic potential. He briefed Diop on the progress of the Reko Diq project and expressed hope for the participation of EXIM Bank in the near future.

Senator Aurangzeb acknowledged IFC’s continued support in subnational finance and Digital Payment Rights (DPR) initiatives and appreciated the Corporation’s advisory role in key sectors such as pharmaceuticals, electric vehicles and commodity exchanges. The minister also welcomed the upcoming visit of the IFC Managing Director to Pakistan around the Spring Meetings. On the occasion, Auragnzeb and Diop witnessed the signing of a Swap Agreement between the State Bank of Pakistan and IFC.