Washington: Finance Minister Muhammad Aurangzeb engaged with global financial institutions, including Standard Chartered Bank and Islamic Trade Finance Corporation (ITFC), exploring climate financing and trade opportunities.

As per statement released by Finance Division, in meeting with team of Standard Chartered Bank, Aurangzeb appreciated Bank’s longstanding partnership with Pakistan. He said that Pakistani government was constantly engaged with rating agencies. “Two sides discussed various proposals including trade financing facility, syndicated facility and explored further partnership in climate financing including carbon credits, green bonds and debt swaps,” read statement. Minister is currently in Washington, DC, attending annual meetings of World Bank and International Monetary Fund, where other global finance leaders have also gathered.

He also held meeting with delegation of Islamic Trade Finance Corporation, led by its CEO Hani Salem Sonbol. “Aurangzeb appreciated support from ITFC for commodity financing of $ 3 billion through Framework Agreement over next three years and immediate provision of $ 269 million through mix of direct financing and syndication.” Meanwhile, ITFC expressed its resolve to diversify its portfolio in Pakistan.

In meeting with team of Deutsche Bank, Aurangzeb gave detailed briefing on state of Pakistan’s economy and expressed satisfaction that country’s credit ratings had been upgraded by Fitch and Moody’s. Aurangzeb also met with team of Fitch Ratings. He appreciated that Pakistan’s credit ratings had been upgraded by Fitch from CCC to CCC+. Aurangzeb expressed satisfaction over fact that his government “Had sufficient reserves to repay external debt liabilities for current year”. Meanwhile, in his meeting with Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs of United Arab Emirates, Aurangzeb appreciated UAE’s continued support to external account especially role played by UAE banks.