ITFC to provide $3bn commodity financing to Pakistan

Washington: The International Islamic Trade Finance Corporation (ITFC) announced it would provide commodity financing of $3 billion over three years to Pakistan, with direct immediate funding of $269 million.

Finance Minister Muhammad Aurangzeb expressed his gratitude to IFTC for providing commodity financing to Pakistan for three years.

Earlier, Federal Finance Minister Muhammad Aurangzeb also met Assistant Secretary for Economic and Business Affairs Amy Holman of the US Department of State.

In this meeting held in Washington DC, the Finance Minister recognized the importance of Pakistan-US economic partnership in the socio-economic development of Pakistan and thanked the US for its support.

The finance minister identified investment opportunities in agriculture, IT, energy, and mining sectors and invited American companies to invest in these sectors.

In an address to a think tank in Washington, Aurangzeb said they are making policies to reduce government expenditure and reforms in various sectors.

He stated that the Pakistani rupee is getting stronger and remittances are improving.

It is pertinent to note that Federal Finance Minister is in America with a delegation to participate in the annual meetings of the World Bank and International Monetary Fund (IMF) in Washington.