Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh-led delegation has informed heads of global financial institutions and business leaders in Washington about the overall state of Pakistan’s economy.
The Pakistani delegation held a series of meeting with these heads and business leaders and informed them about measures taken by the government to curtail the twin deficits and revive various sectors of the economy through institutional reforms and collaborations with regional and international investment partners.
The delegation which also included State Bank of Pakistan Governor Dr Reza Baqir and Finance Secretary Naveed Kamran Baloch held an extensive meeting with Asian Development Bank President Takehiko Nakao to exchange views on ongoing projects sponsored by the Asian Bank in Pakistan as well as planned portfolio.
The adviser apprised the ADB president about the steps taken by the government for curtailing the current and capital account deficits effectively. In his remarks, Takehiko Nakao said that ADB is an important financial partner of Pakistan and acknowledged current structural reforms undertaken by the government for economic stabilization.
Abdul Hafeez Shaikh also met with Hartwig Schafer, vice president of the South Asian Region (SAR) of the World Bank and his team, reviewed bank’s portfolio in Pakistan and exchanged views on further steps to strengthen cooperation between Pakistan and the bank.
Later, the Pakistani delegation met with Jihad Azour, director of the Middle East and Central Asia Department at the International Monetary Fund. They discussed the implementation of the ongoing IMF programme while on the occasion the IMF director appreciated the progress made towards economic stabilization as well as the government’s commitment to the reform process.
The members of the delegation also participated in the G-24 ministers and governors meeting on the sidelines of the annual meetings of IMF and the World Bank. Abdul Hafeez Shaikh also attended informal meeting of the SAARC Finance Ministers that focused on trade facilitation within the South Asian region.
The delegation participated in the Standard Chartered’s Global Investors Forum in which Dr Abdul Hafeez Shaikh gave an overview of the economic situation in Pakistan and progress made with the implementation of the IMF programme. He urged the participants to invest in Pakistan.
US-Pakistan Business Council had hosted a luncheon roundtable in honour of the Pakistan delegation at the US Chamber of Commerce. Talking to the participants, Abdul Hafeez Shaikh highlighted the government’s focus on improving the ease-of-doing-business and encouraged the US companies to expand their footprint in Pakistan.
He mentioned that the economy is on its path to stabilization and the US businesses should benefit from investment opportunities available in the country. The adviser also held a meeting with the IFC team led by Vice President Nena Stoiljkovic. She briefed the adviser about IFC’s pipleline of the projects in Pakistan particularly the wind and solar energy sectors and also expressed interest in providing advisory services for structuring public private partnership transactions.