ISLAMABAD: Finance Minister Muhammad Aurangzeb on Wednesday met with his Emirati counterpart and expressed his country’s desire to re-engage with Middle Eastern banks in multiple fields, the Pakistani finance ministry said.

Aurangzeb’s meeting with UAE’s Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini came on the sidelines of his visit to the United States to meet International Monetary Fund (IMF) and World Bank officials.

The Pakistani foreign minister acknowledged long-standing brotherly ties between Pakistan and the United Arab Emirates (UAE) and appreciated the Gulf country’s support to help Pakistan deal with its economic challenges.

“The minister briefed UAE’s Minister of State for Financial Affairs about the priority areas of taxation, energy and privatization of SOEs (state-owned enterprises),” the Pakistani finance ministry said in a statement.

“He also informed that Pakistan wanted to re-engage with Middle Eastern Banks.”

Aurangzeb arrived in Washington on Sunday to participate in spring meetings organized by the IMF and World Bank.

On Wednesday, he attended the Middle East and North Africa (MENA) Ministers and Governors meeting with the IMF managing director, and highlighted geo-economic fragmentation and its impact on Pakistan.

“He thanked IMF, MDBs (multilateral development banks) and its time-tested sincere bilateral partners for their support in helping the country respond to unprecedented challenges,” Aurangzeb’s ministry said in a separate statement.

“He further underscored aggressive reforms including broadening the tax net, privatizing loss making SOEs, expanding social safety net and facilitating the private sector.”

The minister underlined the importance of rechanneling of special drawing rights (SDRs), review of surcharges policy and prioritizing the Resilience and Sustainability Trust (RST) in view of climate vulnerabilities.

“The minister called for a more proactive and responsive Global Financial Safety Net to tackle the elevated risks,” the statement read.

“He welcomed the renewed emphasis of the Fund on Capacity Building through Regional Capacity Development Centers (RCDCs).”

During the engagements, Aurangzeb also met with Multilateral Investment Guarantee Agency (MIGA) Executive Vice President Hiroshi Matano and appreciated the Agency’s continued support to Pakistan in attracting foreign investments.

“The minister discussed the ongoing economic reforms, investment climate and measures to enhance investor confidence in Pakistan,” his ministry said.

Aurangzeb’s tour is an important one for the South Asian country as an ongoing nine-month, $3 billion loan program with the IMF designed to tackle a balance-of-payments crisis, is set to expire this month.

With the final $1.1 billion tranche of that deal likely to be approved later this month, Pakistan has begun negotiations for a new multi-year IMF loan program worth “billions” of dollars, according to the finance ministry.

In an interview on Monday, Aurangzeb said Pakistan would seek at least a three-year IMF program and planned to continue with necessary policy reforms to rein in deficits, build up reserves and manage soaring debt servicing.

ISLAMABAD: The Pakistan cricket team will kick off their preparations for the ICC World Cup 2024 by taking on New Zealand in the first match of the T20I series against the Black Caps in Rawalpindi today, Thursday. 

Led by experienced all-rounder Michael Bracewell, New Zealand’s cricket team arrived in Pakistan last week to play the five-match T20I series from April 14-28. Rawalpindi will also host matches on Saturday and Sunday, while Lahore’s Qaddafi Stadium will be the stage for the remaining two matches next week on Thursday and Saturday.

This will be the third five-match series between the two sides inside a 12-month period. Last year, Pakistan and New Zealand drew the series at two-all in Pakistan, while New Zealand clinched the series 4-1 earlier at their home. 

“This five-match T20I series holds a lot of importance for us as we look forward to preparing for the all-important mega-event,” Pakistan’s white-ball captain Babar Azam said during a news conference on Wednesday. 

“We had a great fitness camp in Kakul and are looking forward to express ourselves as a unit.”

Pakistan have named uncapped Abrar Ahmed, Mohammad Irfan Khan and Usman Khan in the 17-player squad. Pacer Mohammad Amir and all-rounder Imad Wasim, who came back from retirement last month. are also back in the national squad. 

The series will also mark fast bowler Naseem Shah’s return to the national squad, who last played for Pakistan in Asia Cup 2023 before suffering a shoulder injury. The injury proved to be a fatal blow for Pakistan, sidelining Shah from the ICC Men’s Cricket World Cup 2023 and tours of Australia and New Zealand.

Bracewell said he was excited to lead New Zealand on the Pakistan tour, adding that his team was raring to play good cricket against the hosts.

“Pakistan are formidable side at home and we’ll look to put challenges in their backyard,” he said. 

The match is scheduled to begin at 7:30 p.m. Pakistan Standard Time. 

Squads:

Pakistan — Babar Azam (captain), Abrar Ahmed, Azam Khan, Fakhar Zaman, Iftikhar Ahmed, Imad Wasim, Mohammad Abbas Afridi, Mohammad Rizwan, Mohammad Amir, Muhammad Irfan Khan, Naseem Shah, Saim Ayub, Shadab Khan, Shaheen Shah Afridi, Usama Mir, Usman Khan and Zaman Khan

New Zealand — Michael Bracewell (captain), Tom Blundell, Mark Chapman, Josh Clarkson, Jacob Duffy, Dean Foxcroft, Ben Lister, Cole McConchie, Jimmy Neesham, Will O’Rourke, Tim Robinson, Ben Sears, Tim Seifert, Ish Sodhi and Zak Foulkes.