Pakistan assures support to ITFC for diversifying portfolio in Pakistan
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Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, assured full support to Islamic Trade Finance Corporation (ITFC) for diversifying its portfolio in Pakistan during a meeting in Washington on October 24, 2024; ITFC plans to provide USD 3 billion for commodity financing over three years and immediate USD 269 million through direct financing and syndication; Aurangzeb highlighted positive economic indicators driven by a successful Stand-By Arrangement (SBA) and discussed reforms to improve tax-to-GDP ratio, reduce energy sector losses, and enhance governance of State-Owned Enterprises (SOEs); he met with various financial institutions including Deutsche Bank and Standard Chartered Bank to discuss trade financing and climate financing; Pakistan's credit ratings were upgraded by Fitch from CCC to CCC+; Aurangzeb emphasized the importance of social protection measures in IMF lending frameworks and invited US and UAE investors to explore opportunities in agriculture, IT, and energy sectors.

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https://www.app.com.pk/business/pakistan-assures-support-to-itfc-for-diversifying-portfolio-in-pakistan/