ADB to consider approving policy-based loan: Finance Minister

Washington: Federal Finance Minister Muhammad Aurangzeb's series of important meetings continue in Washington.

Federal Finance Minister Muhammad Aurangzeb met with the President of Asian Development Bank (ADB) in which the Finance Minister appreciated the contribution of ADB in supporting the development agenda of Pakistan.

The Finance Minister also welcomed the opening of a new office by the ADB in Islamabad and hoped that ADB's Country Partnership Framework would be completed soon.

Muhammad Aurangzeb appreciated the completion of the Capital Advocacy Framework and thanked ADB for its support in approving a policy-based loan of $500 million for the Natural Disaster Mitigation Programme.

The finance minister said that the board of the Asian Development Bank will consider the approval of the policy-based loan on October 29.

Meeting with US Assistant Secretary for Energy and Resources

Finance Minister Muhammad Aurangzeb also met the US Assistant Secretary for Energy and Resources on the sidelines of the annual meetings of the World Bank and the International Monetary Fund (IMF).

In the meeting, Aurangzeb thanked the US government for offering cooperation in the energy sector.

He also met the representatives of S&P Global and said that the rating agency will upgrade Pakistan's rating soon.

Finance Minister Muhammad Aurangzeb also met with the Secretary of the Digital Cooperation Organization, Dimah Al-Yahiya. In the meeting, the Finance Minister highlighted the importance of development possibilities in Pakistan's IT sector.

Muhammad Aurangzeb stressed the importance of digital infrastructure and digital economy and said that there should be cooperation in digital foreign investment and digital governance.