Pakistan applauds AIIB's $500m boost for infrastructure projects

MG News | April 20, 2024 at 04:23 PM GMT+05:00

0:00

April 20, 2024 (MLN): Pakistan’s Finance Minister commended the Asia Infrastructure Investment Bank (AIIB) for its additional commitment of $500 million in project assistance, as well as its satisfactory progress in project implementation and disbursements.

According to a press release issued yesterday, Muhammad Aurangzeb met with Jin Liqun President of AIIB.

The Minister briefed him on the positive economic indicators of the country including improving foreign exchange reserves, stable currency, declining inflation, surging stock market, and renewed institutional/ foreign inflows into the market on the back of a 9-month Standby Arrangement (SBA).

“Pakistan wanted to enter into a larger and extended program with the International Monetary Fund (IMF),” he informed.

The Minister identified broadening tax reforms, fixing the energy sector, and undertaking SOE reforms as key priorities of the government.

He also appreciated AIIB support in the aftermath of devastating floods in particular the co-financing of $250m with the RISE-II programme of the World Bank and reaffirmed commitment to continue working with AIIB on the infrastructure development of Pakistan.

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