Finance Minister to Request US Financing for Energy Projects Next Week

Finance Minister Muhammad Aurangzeb will meet US Assistant Secretary of State for Energy Resources Geoffrey Ross Pyatt during his visit to Washington next week to discuss energy sector issues and secure a financial assistance package for energy projects in Pakistan. This follows discussions held on October 17, 2024, between Aurangzeb and US Ambassador Donald Blome, reported Business Recorder. Ambassador Blome had requested details about the proposed re-profiling of Chinese power sector debts and its economic impact. Aurangzeb said China and Pakistan are working with consultants to finalize terms for debt re-profiling, although this process was paused following a recent incident in Karachi involving Chinese nationals. Aurangzeb’s visit to Washington will also include discussions on five wind power projects financed by the US International Development Finance Corporation (DFC). These projects remain unresolved, and the US has indicated that future investments in Pakistan’s energy sector depend on their settlement. Agreements in this regard are expected to be reviewed during the Finance Minister’s discussions with US officials.