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Tuesday, July 16, 2024

IMF & World Bank Laud Pakistan’s Efforts for Economic Growth & Stability

A delegation, led by Adviser to PM on Finance, Dr Abdul Hafeez Shaikh, attended the yearly meeting session of the IMF-World Bank Group, alongside engaging with other international organizations during a high-profile visit to Washington.

The International Monetary Fund (IMF) has commended Pakistan for its progress towards achieving economic stability, alongside appreciating the commitment of the Imran Khan-led government to usher in economic reforms.

A press release issued by the Ministry of Finance briefed about the meeting of the Pakistani delegation, led by Adviser to the Prime Minister on Finance, Dr. Abdul Hafeez Shaikh, with the IMF and World Bank representatives.

The meeting was held in Washington, where the Pakistani delegation had arrived to attend the yearly meeting session of the World Bank-IMF group. The delegation also included Reza Baqir, President of the State Bank of Pakistan, and Finance Secretary Naveed Kamran Baloch.

Meeting with IMF-WB Group

During the meeting, Advisor to the PM on Finance Dr. Abdul Hafeez Shaikh engaged in wide-ranging discussions with the IMF Director Middle East and Central Asia Department, Jihad Azour, involving the implementation of the IMF’s programme designed to extract Pakistan out of its economic crisis.

The Pakistani delegation also met with the President of the Asian Development Bank (ADB), Takehiko Nakao. Dr. Hafeez Sheikh briefed the ADB President on the measures undertaken by the government to contain current and capital account deficits.

Read more: PM Imran holds constructive meetings with IMF & World Bank Presidents

Nakao commended the measures undertaken by Pakistan to usher in economic reforms and stability across the country. Dr. Sheikh also discussed several ongoing projects funded by the Asian Development Bank in Pakistan. He said that the ADB is an “important financial partner” in Pakistan’s economic progress and development.

Dr. Sheikh also sat down for a meeting with the World Bank Vice President for the South Asian Region, Hartwig Schafer and his delegation. During this meeting, the World Bank delegation reviewed its portfolio in Pakistan, and the two sides deliberated upon measures to bolster cooperation between Pakistan and the World Bank.

The Pakistani delegation also attended the G-24 Ministers and Governors meeting on the sidelines of the IMF-WB group meeting. Dr. Hafeez Shaikh also took part in an informal meeting of the South Asian Association for Regional Cooperation (SAARC) for finance ministers.

Afterwards, the delegation was seen attending the Standard Chartered Global Investors Forum, where Dr. Hafeez Shaikh presented an overview of Pakistan’s economic situation, encouraging the participants and investors to identify the striking investment potential of the country.

Read more: IMF blames PTI for delayed, unsatisfactory policy action

The Pakistani delegation was hosted at a luncheon organized by the US-Pakistan Business Council at the US Chamber of Commerce. The lunch was also attended by senior executives and business tycoons from multi-national firms, including ExxonMobil, Google, Motorola Solutions INC, PepsiCo, S&P Global and others.

Sheikh provided the attendees with an overview of the initiatives taken by the Imran Khan-led government to improve ease of doing business in Pakistan and encouraged the multi-national companies to explore the investment avenues in the country.