Pakistan’s finance chief stresses apolitical funding approach in meeting with World Bank officials

Pakistan Finance Minister Muhammad Aurangzeb (5L) speaks during a meeting with the visiting World Bank delegation at the Finance Division in Islamabad on May 22, 2025. (Photo courtesy: Handout/Finance Ministry/File)
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Updated 31 May 2025
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Pakistan’s finance chief stresses apolitical funding approach in meeting with World Bank officials

  • Aurangzeb’s statement comes after India lobbied the IMF to halt a $1 billion disbursement in recent weeks
  • Minister meets the incoming World Bank country director, commends her predecessor in Islamabad

KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Friday called for a merit-based approach to global development financing, urging international lenders to rise above political considerations during a meeting with incoming and outgoing World Bank country directors in Islamabad.

The meeting followed weeks of diplomatic friction between nuclear-armed rivals India and Pakistan, which escalated into a four-day military standoff involving fighter jets, missiles, drones and artillery fire.

Amid the tensions, Indian authorities lobbied the International Monetary Fund (IMF) to halt the disbursement of a $1 billion tranche to Pakistan, saying the funds could finance Islamabad’s military activities.

IMF officials later dismissed the concerns, emphasizing the disbursement mechanisms ensured transparency and that IMF support was intended to stabilize developing economies’ balance of payments, with the funds directed to central banks rather than governments.

“The Minister ... highlighted the recent successful completion of the International Monetary Fund (IMF) review and the subsequent $1 billion disbursement under the Extended Fund Facility (EFF), along with additional resources made available through the Resilience and Sustainability Facility (RSF),” said a statement circulated by the finance ministry after the meeting.

“He noted that development finance must be guided by merit and objective assessment, rising above political considerations to ensure sustainable progress,” it added.

Aurangzeb also praised the World Bank’s longstanding support for Pakistan’s economy, especially in times of fiscal stress, and reiterated Islamabad’s commitment to deepening collaboration with the institution.

He extended a warm welcome to Bolormaa Amgaabazar, the new World Bank Country Director for Pakistan, while commending her predecessor, Najy Benhassine, for his contributions during his tenure.

A key point of discussion was the World Bank’s 10-year Country Partnership Framework (CPF), a strategic agreement designed to guide development cooperation through targeted investments in Pakistan’s critical sectors.

The CPF, finalized during Benhassine’s tenure, will now be overseen by Amgaabazar and aims to unlock $20 billion for the country.

Aurangzeb highlighted the importance of effective implementation of the framework to fully leverage the Bank’s institutional, technical and financial support.

The meeting reaffirmed mutual commitment to strengthening Pakistan’s economic resilience and advancing inclusive development through strategic partnerships, the finance ministry said.


Pakistan calls for advance food imports before Ramadan to ease pressure on ports

Updated 17 sec ago
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Pakistan calls for advance food imports before Ramadan to ease pressure on ports

  • Ensuring food security during Ramadan a national responsibility, says maritime affairs minister
  • The Islamic month of Ramadan is expected to start in Pakistan after mid-February

KARACHI: Pakistan’s Maritime Affairs Minister Junaid Anwar Chaudhary on Sunday urged importers to import food items in advance and avoid last-minute delays to ease pressure on ports as Ramadan approaches. 

Muslims around the world fast during the holy month of Ramadan from dawn till sunset. They break the iftar meal with various food items such as fruits, dates and fried items. Thousands of people shop daily during Ramadan for iftar meals in markets across the country. 

In a message released to food importers, Chaudhry noted that the demand for edible oil and essential food items rises during the month of Ramadan. 

“Import strategies should be planned in a timely manner to reduce pressure on ports,” Chaudhry said. “Pakistani ports operate on a first-come, first-served basis.”

Chaudhry said delays in berthing of vessels and cargo lead to congestion at ports. He called on importers to share their import schedules in advance so that the port system could operate more efficiently. 

He said the timely supply of food items was possible through coordination between the public and private sectors. 

“Ensuring food security during Ramadan is a national responsibility,” the minister said. “Advance import of food commodities ahead of Ramadan is essential.”

A central moon sighting committee in Pakistan, the Ruet-e-Hilal Committee, determines when Ramadan begins. 

The Islamic month is expected to start this year after mid-February, around Feb. 17 or Feb. 18.