Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with Managing Director of the International Finance Corporation (IFC) Makhtar Diop and his team on the sidelines of the IMF–World Bank Spring Meetings in Washington, D.C. The minister briefed the delegation on the strong macroeconomic indicators of the country and the recent sovereign credit rating upgrade by Fitch, terming it an external validation of the government’s successful reform initiatives.

The minister appreciated IFC’s support for the Reko Diq project and urged the Corporation to expedite its advisory work on the Karachi airport.According to press release issued by finance ministry in Islamabad, the minister made this statement while addressing the High-Level Dialogue of the Fund for Responding to Loss and Damage (FRLD) on the sidelines of the 2025 WBG/IMF Spring Meetings in Washington. 

The Finance Minister said that Pakistan was the biggest proponent of the Loss & Damage Fund set up at COP28 through an agreement by 198 countries to assist particularly vulnerable developing countries in responding to economic and non-economic loss and damage associated with the adverse effects of climate change, including extreme weather events and slow onset events. 

During his address, Aurangzeb underlined the urgency of operationalizing the Fund and the importance of integrity of the whole process with adequate checks and balances. Emphasizing that simplicity and agility should be the guiding principles, the Finance Minister urged the need for speedy disbursements under the Fund unlike the experience of lease developed countries (LDCs) and the most vulnerable countries with the existing climate funds.

Credit: Independent News Pakistan (INP)