Pakistani delegation briefs IMF, WB and ADB officials on economic measures in meetings

Updated October 19, 2019

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US-Pakistan Business Council hosted a luncheon roundtable in honour of the Pakistan delegation at the US Chamber of Commerce. — Photo by author
US-Pakistan Business Council hosted a luncheon roundtable in honour of the Pakistan delegation at the US Chamber of Commerce. — Photo by author

The International Monetary Fund (IMF) appreciated the progress made by Pakistan in order to achieve economic stability and the government's commitment to bring about reforms, a press release issued by the finance ministry said on Saturday.

In a meeting with the Pakistani delegation, headed by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh, Director Middle East and Central Asia Department at the IMF Jihad Azour also discussed the implementation of the global lender's programme in order to pull Pakistan out of its economic crisis. The meeting took place in Washington, where the Pakistani delegation had gone to attend the annual round of meetings of the World Bank-IMF group.

The delegation, including State Bank of Pakistan President Reza Baqir and Finance Secretary Naveed Kamran Baloch, also met Asian Development Bank (ADB) President Takehiko Nakao. Sheikh briefed Nakao on the measures being taken by the government to curb current and capital accounts deficits.

The ADB president lauded the steps taken by Pakistan to bring reforms and economic stability in the country. He also discussed the ongoing projects that are being funded by the bank in Pakistan, terming ADB "an important financial partner" of the country, the press statement added.

Sheikh also held a meeting with World Bank Vice President for South Asian Region Hartwig Schafer and his team, during which the body reviewed its portfolio in Pakistan. Both sides also discussed steps to strengthen cooperation between Pakistan and the World Bank.

The delegation also attended the G-24 Ministers and Governors meeting on the sidelines of the IMF-WB meeting. Sheikh also participated in an informal meeting of the South Asian Association for Regional Cooperation (SAARC) finance ministers.

Later, the delegation attended the Standard Chartered Global Investors Forum, where Sheikh gave an overview of Pakistan's economic situation and urged participants of the meeting to invest in the country.

A luncheon was also held for Pakistan's delegation at the US Chamber of Commerce by the US-Pakistan Business Council. 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.

Sheikh briefed the attendees on the steps that were taken by the government to improve ease of doing business in the country and encouraged the companies to invest in Pakistan.