ADB, IMF acknowledge Pakistan’s stabilisation reforms

Hafeez Shaikh meets heads of global financial institutions to discuss overall state of economy

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Abdul Hafeez Shaikh has apprised heads of various global financial institutions and business leaders about the overall state of Pakistan economy.

Sheikh, along with his team, is visiting Washington to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank. The adviser held a series of meeting with these officials 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 delegation, which includes 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 the planned portfolio.

The adviser informed the ADB president of the measures being taken to curtail the current and capital account deficits effectively, according to a press statement issued by the finance ministry on Saturday.

In his remarks, ADB President 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 World Bank Vice President South Asian Region (SAR) Hartwig Schafer and his team and reviewed the bank’s portfolio in Pakistan and exchanged views on further steps to strengthen cooperation between Pakistan and the bank.

Later, the Pakistani delegation met IMF Director Middle East and Central Asia Department (MCD) Jihad Azour and discussed the implementation of the ongoing IMF programme. Speaking on the occasion, the IMF director appreciated the progress Pakistan had made towards economic stabilisation 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/WB-2019.

Shaikh also participated in the Standard Chartered Global Investors Forum in which he gave an overview of the economic situation in Pakistan and the progress made with the implementation of the IMF programme. He urged participants to invest in Pakistan, the statement added.

On another occasion, the finance adviser highlighted the government’s focus on improving the ease of doing business and encouraged the US companies to expand their footprint in Pakistan.

Published in The Express Tribune, October 20^th, 2019.

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