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ISLAMABAD: Pakistan&#39;s Federal Minister for Finance Senator Muhammad Aurangzeb has departed for the United States to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank.&nbsp;According to the Ministry of Finance, the minister will represent Pakistan at the plenary sessions of both international financial institutions and hold meetings with senior officials of the IMF, World Bank, International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA).&nbsp;During his visit, Senator Aurangzeb will hold a one-on-one meeting with World Bank President Ajay Banga and IMF Managing Director Kristalina Georgieva. He will also participate in sessions of the G24, the Middle East, North Africa and Pakistan (MENAP) platform, and the World Economic Forum (WEF).&nbsp;The finance minister will deliver a keynote address at the MENAP Forum and attend a regional roundtable organized by the World Bank on FBR&rsquo;s digital transformation. Tax authorities from various countries will also share their reform experiences at the event.&nbsp;His schedule includes meetings with senior officials of the White House, the US State Department, the Treasury Department, and the International Development Finance Corporation (DFC).&nbsp;The minister is also expected to meet his counterparts from China, the United Kingdom, Saudi Arabia, T&uuml;rkiye, and Azerbaijan.&nbsp;During the six-day visit, Senator Aurangzeb will participate in more than 65 events, including sessions with global investors, credit rating agencies, and think tanks, where he will highlight Pakistan&rsquo;s economic outlook and investment opportunities.

Economy

Finance Ministry says Aurangzeb will hold meetings with senior officials of the IMF, World Bank, International Finance Corporation, and Multilateral Investment Guarantee Agency.

Pakistan's finance minister departs for US to attend IMF, World Bank meetings

ISLAMABAD: Pakistan&rsquo;s Economic Coordination Committee (ECC) has approved the commercial import of used vehicles for the first time in years, an official statement released by the finance division said, signaling a major shift in the country&rsquo;s trade policy.&nbsp;Chaired virtually from New York by Finance Minister Muhammad Aurangzeb, the ECC approved amendments to the Import Policy Order, 2022, allowing the import of used vehicles up to five years old until June 30, 2026. After that, the age limit will be lifted entirely.&nbsp;According to the official statement, &ldquo;such commercial importation would remain subject to strict compliance with prescribed environmental and safety standards.&rdquo;&nbsp;To moderate the impact on local industry, a 40% Regulatory Duty (RD) will be imposed on these imports, in addition to existing customs duties.&nbsp;&ldquo;This enhanced duty will remain applicable until 30th June 2026. Thereafter, the duty shall be reduced gradually by 10% points per year, reaching zero by 2029-30,&rdquo; the Finance Division said in a press release.&nbsp;Analysts say the move could help diversify Pakistan&rsquo;s auto market and make vehicles more affordable, though concerns over environmental enforcement remain.&nbsp;In a separate development, the ECC approved a technical supplementary grant of Rs800 million [approximately $2.8 million for the Pakistan Virtual Asset Regulatory Authority (PVARA), as part of efforts to regulate the country&rsquo;s growing digital asset space.&nbsp;The meeting included key cabinet members overseeing petroleum, energy, and food security, as well as senior regulatory officials.

The finance division has approved limited commercial imports of used vehicles with environmental conditions and new duties. The government also allocated $2.8 million to strengthen regulation of digital assets through a new authority.

Articles tagged with "Pakistan Finance minister"

Pakistan's finance minister departs for US to attend IMF, World Bank meetings

Pakistan opens doors to used car imports