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Pakistan's Finance Minister Seeks US Aid for Energy Projects

2024-10-20 01:50:46.133000

Finance Minister Muhammad Aurangzeb is set to visit Washington from October 21-26, 2024, where he will engage in discussions with Geoffrey Ross Pyatt, the U.S. Assistant Secretary of State for Energy Resources. The primary focus of these discussions will be on financial assistance for energy projects in Pakistan, which is crucial for the country's energy sector development [5212ec9f].

Prior to this visit, Aurangzeb met with U.S. Ambassador Donald Blome on October 17, 2024, to discuss economic issues, including the re-profiling of debt related to the Chinese power sector. This meeting highlighted the ongoing collaboration between Pakistan and China, as both countries have engaged consultants to negotiate favorable debt terms [5212ec9f].

The U.S. International Development Finance Corporation (DFC) has indicated that it will not invest in Pakistan until existing issues with wind power projects are resolved. The DFC has proposed a five-year extension on debt tenor and a reduction of 50 basis points in spread to facilitate progress [5212ec9f].

In addition to energy financing, the agenda for Aurangzeb's meetings will include discussions on the Iran-Pakistan Gas Pipeline and informal petroleum imports. The ongoing dispute with India over hydroelectric projects in Indian-occupied Kashmir (IOK) is also expected to be a topic of conversation [5212ec9f].

This visit follows a previous energy security dialogue held in March 2023, where both nations reaffirmed their commitment to renewable energy initiatives. As Pakistan continues to seek financial aid and investment in its energy sector, the outcomes of Aurangzeb's discussions in Washington could significantly impact the country's energy landscape [5212ec9f].

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