Pakistan and Ethiopia agree on initiatives to forge stronger ties

Pakistan and Ethiopia have agreed on Thursday to strengthen bilateral relations and explore new collaborations in trade, finance, education, and economic reforms, recognising the mutual benefits these initiatives could bring.

According to a press release issued by the Finance Ministry, the Ambassador of the Federal Democratic Republic of Ethiopia to Pakistan, Jemal Beker Abdula, met with Minister for Finance and Revenue Senator Muhammad Aurangzeb.

The FM warmly welcomed Ambassador Abdula and provided an overview of the economic reforms currently underway in Pakistan as part of a broader home-grown agenda aimed at achieving economic stability.

The Minister highlighted recent positive developments, such as improvements in foreign exchange reserves, reforms in state-owned enterprises (SOEs), and advancements in the power sector. He noted that international rating agencies have begun acknowledging the economic stability resulting from the government's economic decisions, with recent Fitch reports confirming an improved economic outlook for the country. The government now aims to achieve economic sustainability.

Ambassador Abdula praised Pakistan's macroeconomic stability and shared insights into Ethiopia's similar approach to home-grown economic reforms, particularly those inspired by Pakistan's experience in stabilising its currency and fostering economic resilience.

The discussion also covered the potential for enhanced bilateral trade and financial collaborations to foster mutual prosperity.

Ambassador Abdula proposed exploring educational cooperation, specifically through student exchange and scholarship programs, to provide Ethiopian students with opportunities to study in Pakistan and strengthen educational and cultural ties between the two nations.

Senator Muhammad Aurangzeb agreed on the importance of fostering deeper ties and welcomed the proposed collaborations.