ISLAMABAD, Feb 9: The International Monetary Fund has been told that official intervention is necessary to maintain a certain dollar-rupee parity in the country.

“The government will continue to intervene to ensure the dollar/rupee parity at a reasonable level so that our exporters do not get disadvantaged,” Finance Minister Shaukat Aziz told Dawn.

The foreign exchange reserves of Pakistan, he said, were steadily rising and one of the reasons for that was the government’s intervention for having some adequate dollar/rupee parity.

In reply to a question, the minister said that talks with the IMF review mission were progressing well to improve the economy in a big way.

The minister, who is leaving for Washington on Monday to join President Pervez Musharraf for talks with the US authorities, said he foresaw greater cooperation between the two countries in major fields, especially trade and economy.

Asked whether a package had been finalized which would be announced by the US government at the end of the talks with the president, Mr Aziz replied that he could not say much on the issue.

However, he added that the country was certainly expecting increased market access, reduction in duties and considerable American investment in Pakistan.

The minister said that after the end of the president’s visit he would stay back to hold bilateral meetings with the officials of the US treasury, trade and other departments.

Mr Aziz said he would also be meeting senior IMF authorities in Washington.

“Although my meeting here with the IMF review mission Klaus Enders has been quite fruitful, I would still be meeting senior Fund’s people in Washington,” he said, adding the IMF was largely satisfied with the decisions the government was taking to improve the economy.

“Later I would be meeting the senior representatives of Moody’s International and Standard and Poor — the two major credit rating agencies in New York,” the finance minister said.

He said as a follow-up of the World Economic

Forum meeting that held recently in New York, he would be holding separate meetings with the representatives of major multinational companies and investment banks to have their increased presence in Pakistan.

He informed that the chairman of the US Import and Export Bank, and other senior officials of US Trade Development Authority, and Overseas Private Insurance Corporation would be visiting Pakistan from Feb 18 to 19.

He said the United States Exim Bank had already made available substantial loaning for American investors to invest in Pakistan. Now, he added, are arriving here to promote trade and investment relations between the two countries.