Finance Minister Muhammad Aurangzeb appreciates UAE’s support to help Pakistan deal with its economic challenges

WASHINGTON, April 17 (SABAH): Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with UAE’s Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini.

The minister acknowledged long-standing brotherly ties between the UAE and Pakistan. He appreciated UAE’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. He also informed that Pakistan wanted to re-engage with Middle Eastern Banks.

Meanwhile Federal Minister for Finance and Revenue, Muhammad Aurangzeb, attended the Middle East and North Africa (MENAP) Ministers and Governors meeting with the Managing Director IMF.

The Minister, in his intervention, highlighted geo-economic fragmentation and its impact on Pakistan. He thanked IMF, MDBs and its time-tested sincere bilateral partners for their support in helping the country respond to unprecedented challenges. 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 also underlined the importance of rechanneling of SDRs, review of surcharges policy and prioritizing the RST in view of climate vulnerabilities. The minister called for a more proactive and responsive Global Financial Safety Net to tackle the elevated risks. He welcomed the renewed emphasis of the Fund on Capacity Building through Regional Capacity Development Centers (RCDCs).