Pakistan updates IMF, World Bank and ADB on reforms for economic stability
The adviser apprised ADB about the measures taken by Pakistan for curtailing twin deficits.
(APP) – Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh and his delegation, currently visiting Washington DC, have apprised heads of various global financial institutions and business leaders about the overall state of Pakistan economy.
Hafeez Shaikh and his team, who are in Washington DC to attend the annual meetings of IMF/WB-2019, held a series of meeting with these heads and business leaders and informed them about the measures taken by the government to curtail the twin deficits and revive various sectors of economy through institutional reforms and collaborations with regional and international investment partners.
The Pakistan delegation which also included State Bank of Pakistan Governor Reza Baqir and Finance Secretary Naveed Kamran Baloch held an extensive meeting with Asian Development Bank (ADB) President Takehiko Nakao to exchange views on the ongoing projects sponsored by ADB in Pakistan as well as planned portfolio, according to a press statement issued by the finance ministry.
The adviser apprised ADB about the measures taken by the government for curtailing the current and capital account deficits.
In his remarks, Mr Nakao said that the ADB was an important financial partner of Pakistan and acknowledged the current structural reforms undertaken by the government for economic stabilisation.
Shaikh also met Hartwig Schafer, the vice president of South Asian Region (SAR), the World Bank Group and his team, the statement said adding that the meeting reviewed bank’s portfolio in Pakistan and exchanged views on further steps to strengthen cooperation between Pakistan and the bank.
Later, Shaikh and the Pakistani delegation met Jihad Azour, Director Middle East and Central Asia Department (MCD) at the IMF.
They discussed the implementation of the ongoing IMF programme while on the occasion the IMF Director appreciated the progress made towards economic stabilisation as well as government’s commitment for the reform process.
The members of the delegation participated in the G-24 ministers and governors’ meeting on the sidelines of the annual meetings of IMF/WB-2019.
Shaikh also attended informal meeting of the SAARC finance ministers that focused on trade facilitation within the SAARC region.
Shaikh and the delegation also participated in the Standard Chartered Global Investors Forum in which the finance advisor gave an overview of the economic situation in Pakistan and progress made with the implementation of the IMF programme. He urged participants to invest in Pakistan.
Meanwhile, US-Pakistan Business Council hosted a luncheon roundtable in honour of the finance advisor and the members of Pakistani delegation at the U.S. Chamber of Commerce.
The lunch was also attended by senior executives of international companies including S&P Global, PepsiCo, Motorola Solutions Inc, Citi, Google and ExxonMobil, among others.
Talking to the participants, Shaikh highlighted the government’s focus on improving the ease of doing-business and encouraged U.S. companies to expand their footprint in Pakistan.
He mentioned that the economy was on its path to stabilisation and the U.S. businesses should benefit from investment opportunities available in the country.
Sheikh held a meeting with the IFC team led by Ms Nena Stoiljkovic, Vice President Ms Stoiljkovic briefed the adviser about IFC’s pipleline of projects in Pakistan particularly the wind and solar energy sectors and expressed interest in providing advisory services for structuring public private partnership transactions.
