Meeting with Dar: Exim Bank lauds economic recovery

Interested in working on projects, willing to finance 3,600MW LNG project


APP September 30, 2015
Exim Bank Chairman Fred P Hochberg. PHOTO: exim.gov

ISLAMABAD: Exim Bank Chairman Fred P Hochberg appreciated Pakistan’s positive economic performance over the past two years and expressed interest in working with Pakistan on projects of mutual benefit in continuation of an established relationship.

“If Exim Bank is approached for financing the 3600MW LNG project by General Electric (GE), the Bank would consider providing the financing options,” he said.

Federal Minister for Finance Senator Mohammad Ishaq Dar met Hochberg in New York on Monday, accompanied by Ambassador Jalil Abbas Jilani and New York Consul General Raja Ali Ejaz. The finance minister briefed the Exim Bank chairman on the Pakistan’s economy, which he said has been on a consistent positive trajectory since the current government introduced vital economic reforms two years ago.

“The last two years have proven helpful in uplifting the economy of the country. GDP growth was recorded at 4.24%, while the government has managed to bring down the fiscal deficit to 5.3% from 8.8%,” said Dar.

He said it was due to the better economic policies of the government that the rating agencies including Moody’s has raised Pakistan’s economic outlook from negative to positive.

“It is the recognition of Pakistan’s robust economic performance that the foreign exchange reserves are at record high today and exceed $18.5 billion,” he added.

Both sides also re-affirmed their resolve in keeping up the spirit of close cooperation.

Published in The Express Tribune, September 30th, 2015.

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