Islamabad, Oct 20: Finance Minister to Seek US Financing for Key Energy Projects Next Week. During his visit to Washington next week, US Assistant Secretary of State for Energy Resources Geoffrey Ross Pyatt will meet with Finance Minister Muhammad Aurangzeb to address energy sector challenges and negotiate a package of financial support for energy projects in Pakistan.
According to Business Recorder, this comes after talks between Aurangzeb and US Ambassador Donald Blome on October 17, 2024. Ambassador Blome had asked for information regarding the economic effects of the proposed re-profiling of Chinese power sector debts. China and Pakistan are working with advisors to finalize terms for debt re-profiling, according to Aurangzeb. However, the process was put on hold after a recent incident involving Chinese people in Karachi.
Discussions regarding five wind power projects funded by the US International Development Finance Corporation (DFC) will also be part of Aurangzeb’s trip to Washington. The US has stated that future investments in Pakistan’s energy industry are contingent upon the resolution of these unsettled projects. The Finance Minister’s talks with US authorities are anticipated to include a review of agreements in this area.
