SINGAPORE, Feb 6: Finance Minister Shaukat Aziz on Friday said that policies initiated by the Pakistan government over the past four years had enabled the country to achieve its economic sovereignty.

These policies, he said, would lead to higher economic growth, more investment, job creation and improvement in the quality of life of the people. The finance minister stated this at a meeting with Deputy Prime Minister and Finance Minister of Singapore, Lee Hsien Loong here. The two side also discussed economic and trade cooperation.

Shaukat Aziz arrived here on the first leg of his tour to various capitals in connection with the launch of Pakistan's Eurobonds.

The finance minister briefed Mr Loong about the economic reforms undertaken in Pakistan during the past four years and said the country had made significant progress on the economic front.

"The economy is now more healthy, economic policies are consistent and transparent, the private sector has started investing more, and industrial production has seen double-digit growth."

Mr Aziz said both exports and imports were growing at double-digit and current account was in surplus for three years in row, economic growth had accelerated to over five per cent, and the country's debt situation was fast moving towards a sustainable level.

The minister also informed Mr Loong that Pakistan had pre-paid $1.17 billion expensive external debt of the ADB. He stated Pakistan was making strategic re-entry into the international capital market with a view to diversifying its sources of financing for development programme, expanding its international investor base, and benchmarking for Pakistan's corporate sector.

The deputy prime minister of Singapore highly appreciated the progress made by Pakistan on economic front. He specifically appreciated the consistency and transparency that Pakistan maintained in its economic policies.

As regards pre-payment of expensive external debt, Mr Loong said that it clearly indicated the exceptionally strong external liquidity position of Pakistan. He assured Shaukat Aziz of Singapore's keen desire to strengthen bilateral relations including economic cooperation. -APP