ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Tuesday discussed trade and investment with his Saudi counterpart, Mohammed Aljadaan, during a meeting in the United States, according to an official statement.
The Pakistani minister is currently in Washington, DC, attending the annual meetings of the World Bank and the International Monetary Fund (IMF), where other global finance leaders have also gathered.
Last month, the IMF approved a fresh $7 billion bailout package for Pakistan after recognizing the government’s efforts to implement stringent economic reforms, saying they had contributed to gradual financial stability.
Saudi Arabia, along with other friendly nations such as China and the United Arab Emirates, played a key role in helping Pakistan secure the new IMF loan, which the Islamabad administration deemed essential for further macroeconomic stability.
“Finance Minister, Mr. Muhammad Aurangzeb, met with his Saudi counterpart, H.E. Mohammed Aljadaan, on the sidelines of the World Bank-IMF Annual Meetings in Washington DC,” the Finance Division announced. “Appreciating the historical, fraternal bonds between Pakistan and the Kingdom of Saudi Arabia, the two Ministers resolved to further deepen mutually beneficial economic ties, enhance bilateral trade, and facilitate investments in key sectors.”
“The Saudi Minister also shared his experience of reforms in the energy sector,” the statement continued. “Both sides agreed to advance cooperation in areas of mutual interest.”
Pakistan has actively sought to attract foreign investment while aiming to boost trade with its allies.
In 2023, the government established the Special Investment Facilitation Council (SIFC), a civil-military hybrid body designed to streamline and facilitate foreign business operations, particularly targeting investment from Gulf states.
Alongside these efforts, Pakistan has expressed interest in exporting a larger pool of human resources to the region, enhancing its workforce contribution to the Gulf economies.
Additionally, the country is keen on developing partnerships across various economic sectors, including infrastructure, energy, mining and agriculture, to promote sustainable growth and economic cooperation with its allies.
Pakistan’s finance chief discusses trade, investment with Saudi counterpart in Washington
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Pakistan’s finance chief discusses trade, investment with Saudi counterpart in Washington
- Saudi minister shares kingdom’s energy sector reform experience with Muhammad Aurangzeb
- The officials from both countries agreed to advance cooperation in areas of mutual interest
Pakistan urges developed nations, global institutions to expand role in climate financing
- Pakistan is recognized among countries worldwide most affected by climate-induced disasters
- Planning minister stresses redesigning global financial system on principles of responsibility, equity
ISLAMABAD: Pakistan’s Planning Minister Ahsan Iqbal this week called on developed nations and international financial institutions to play a greater role in helping developing countries adopt green technologies at lower costs, state-run media reported.
Pakistan has suffered frequent climate change-induced disasters over the past couple of years, ranging from floods, droughts, heatwaves, cyclones and other irregular weather patterns.
This year the South Asian country reported over 1,000 deaths from floods and landslides triggered by heavy rains and the melting of glaciers.
“He [Iqbal] said Pakistan has urged developed countries and international financial institutions to expand their role in climate financing to enable developing nations to adopt green technologies at lower costs,” state-run Associated Press of Pakistan (APP) reported on Saturday.
The minister was speaking at the Second Asia Energy Transition Summit held at Pakistani university LUMS on Saturday.
Iqbal warned that climate change is intensifying emergencies and increasing economic burdens on vulnerable countries, adding that financial incentives and concessional financing have become indispensable for sustainable climate action.
“He further emphasized the need to redesign the global financial system based on the principles of collective responsibility and equity,” APP said.
The minister noted that Pakistan has been introducing comprehensive reforms in its development agenda to promote renewable energy, solar power and green technological solutions.
The country, he said, possesses “strong solar potential,” a robust renewable energy market, a wide talent pool in engineering and science and an enabling environment for green innovation.
Pakistan has regularly urged developed countries to fulfill past pledges and provide easy access to climate funding without attaching conditions, especially at Conference of Parties (COP30) climate summits.
Islamabad was instrumental in getting the Fund for Responding to Loss and Damage (FRLD) established at the COP27 climate summit in Egypt in 2022. The Loss and Damage Fund aims to help developing and least developed countries cope with both economic and non-economic impacts of climate change, such as extreme weather events and slow-onset crises like sea-level rise and droughts.
