WASHINGTON: Highlighting the devastating impacts of climate change, Finance Minister Senator Muhammad Aurangzeb called for urgent global action and investment support during high-level engagements at the Spring Meetings of the International Monetary Fund (IMF) and World Bank.
Speaking at the high-level dialogue of the Fund for Responding to Loss and Damage (FRLD), the minister described climate change as an existential threat to Pakistan, recalling the catastrophic 2022 floods that displaced millions and caused billions in losses.
He emphasized the immediate need to operationalize the Loss & Damage Fund with streamlined processes, agility in disbursement, and strong accountability to ensure that vulnerable nations receive timely support.
“Pakistan stands at the frontline of the climate crisis,” Aurangzeb stated. “We need a financing mechanism that responds with urgency and integrity to the scale of our challenges.”
Beyond climate advocacy, the Minister conducted a series of meetings aimed at strengthening economic ties and promoting Pakistan as an emerging destination for foreign investment.
In a meeting with Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA), Mr Aurangzeb welcomed MIGA’s efforts to resolve the Star Hydro power dispute and expressed strong support for a proposed trade finance facility. He also welcomed MIGA’s upcoming mission to Pakistan, expressing hope for finalizing a deal this year.
He later met with Thomas Lersten of the U.S. State Department, thanking the United States for its active participation in Pakistan’s Minerals Conference. He discussed the need to resolve outstanding tariff issues and noted that a high-level trade delegation from Pakistan is scheduled to visit the U.S.
Meeting with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), Mr Aurangzeb highlighted Pakistan’s recent credit rating upgrade by Fitch and called for faster advisory work on privatization efforts, including the Karachi Airport, while also promoting governance reforms at the provincial level.
In a separate meeting with U.S. EXIM Bank officials, led by Mr. Jim Barrows, the Minister emphasized Pakistan’s economic stabilization, its ongoing fiscal reforms, and the importance of securing greater U.S. investment. He provided updates on the Reko Diq mining project and called for stronger EXIM Bank support in advancing U.S. commercial interests in Pakistan.
Engagements with JP Morgan Chase focused on Pakistan’s intention to re-enter international capital markets through the issuance of its first Panda Bond and efforts to diversify its export markets.
At an IMF panel titled “Navigating an Uncertain World,” Aurangzeb stressed the importance of regional trade, economic resilience, and a transition from import substitution to export-led growth. He identified the information technology sector as a core driver of Pakistan’s economic future.
Further meetings included discussions with Dev Jagadesan, Acting CEO of the U.S. International Development Finance Corporation (DFC), on joint project pipelines, including Reko Diq.
The day concluded with a meeting with UK Minister of State for International Development, Baroness Chapman, during which Senator Aurangzeb discussed climate resilience, the World Bank’s 10-year Country Partnership Framework, and digital tax reform initiatives.
The minister’s engagements in Washington signaled Pakistan’s dual focus on urgent climate action and creating an enabling environment for global investment and long-term development.
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