Washington; Minister for Finance Muhammad Aurangzeb has urged all development partners to work together to resolve the pressing issues of climate change, population growth and child stunting faced by developing countries, especially Pakistan.
The minister was addressing the G-24 Ministers and Governors Meeting in Washington.
On becoming the Second Vice Chair of the G-24 Bureau during the fiscal year 2024-25, the Finance Minister emphasized the need to address key issues such as the high debt burdens on developing countries, the need for climate action and greater representation of developing countries in the Bretton Woods institutions.
Muhammad Aurangzeb participates in Vulnerable-20 Ministerial Dialogue
Finance Minister Muhammad Aurangzeb also participated in the Vulnerable-20 Ministerial Dialogue in Washington.
During his address, the Finance Minister said Pakistan is in the process of developing its Climate Prosperity Plan.
He emphasized the need to reform global finance to make debt work for the climate and urged Multilateral Development Bank to expand grant opportunities and concessional financing windows.
The Finance Minister also endorsed the official recognition of the V20 by the International Monetary Fund as an official intergovernmental group.
Finance Minister’s interview with Bloomberg
Finance Minister Muhammad Aurangzeb has said that Pakistan is getting a promising response from China over its request to delay maturity period for Belt and Road Initiative loans.
In an interview with Bloomberg, the Minister said Pakistan is witnessing a period of stability after securing a new seven billion dollars loan program from the International Monetary Fund.
He said the government will initiate discussions on obtaining additional financing from the IMF through its Climate Resiliency Fund.
The Minister informed that Pakistan’s central bank has cut its benchmark interest rate for three consecutive meetings by 450 basis points to 17.5% from a record 22%.
