Finance Minister Muhammad Aurangzeb Meets JP Morgan Delegation in Bangkok; Discusses Upgrading Pakistan’s Credit Rating and Securing Analytical Support for Institutional Reforms
BANGKOK : In the ongoing annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Bangkok, Pakistan minister for finance and revenue Muhammad Aurangzeb met a top-notch team of JP Morgan to discuss macroeconomic indicators, credit rating and financial strategies.
While delivering the briefing, the Finance Minister noted that the government was committed to implement structural reforms of the economy as part of its approach to overcome the challenges.The Minister of Finance told the delegation that the government was committed to structural reforms of the economy as part of the approach for overcoming challenges during the ongoing IMF program, foreign exchange reserve positions and successful re-entry into international capital markets.
The Finance Minister’s Meetings in Bangkok— Discussions with JP Morgan: Discussions focussed on reaching the target of achieving sovereign rating of double B for Pakistan. On the other side, the British financial institution held discussions on the possibility of tokenization of Sukuk, Panda bonds and Eurobonds, after formally offering to do analytical work on important economic indicators and strengthening the institutions following the bank’s participation in the Securities and Exchange Commission’s meeting in Abuja.
Meeting with a delegation of Abu Dhabi Commercial Bank: Minister Aurangzeb met the delegation of Abu Dhabi Commercial Bank and provided them with an update on the IMF program, financial stability and building reserves. The topics of discussion included financial capital raising from financial markets, replacing costly loans with more suitable financial instruments, increasing the duration of debt, and creating a balance of debt charges.
The financing of the data centre, digital finance, competitive electricity pricing, effectiveness of regulations, energy security and targeted relief were also discussed.In another meeting with delegation from Ajman Bank, the Finance Minister pointed to the improvements in external and financial sector indicators, with a view to replacing expensive short-term debts with more conducive terms of financial usage, and potential issuance of Sukuk with values denominated in rupees and dollars.