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WASHINGTON: Finance Minister Abdul Hafeez Shaikh discussed on Sunday development partnership with leaders of major economic powers in separate meetings on the occasion of annual IMF-World Bank gathering.
The finance minister said that the government was trying to bring budget deficit down to 4.5 of the country's gross domestic product. “We understand that to achieve this target we will have to raise taxes and curtail expenses and were are willing to do both,” he said.
Dr Shaikh briefed German, British and American leaders about the government's focus on development as well as its efforts towards greater economic stabilization.
German Finance Minister Dick Niebel offered his country's support for Pakistan's hydro power projects and small dams.
At another meeting, Dr Shaikh and U.K's Secretary of State for International Development Andrew Mitchell discussed economic ties between the two countries. Mitchell appreciated Islamabad's commitment to economic reforms.
The finance minister also had a meeting with US Under Secretary of State for Economic, Energy and Agricultural Affairs Robert Hormats and discussed economic development cooperation. The US official assured Dr Shaikh of Washington's support in getting greater trade access for Pakistan to European Union.
Earlier, Hafeez Shaikh met with his Chinese counterpart at the World Bank as the two officials pledged to step up implementation of economic partnership agreements.
He is also scheduled to hold meetings with his counterparts from Saudi Arabia, Afghanistan and Iran during the IMF-World Bank meetings.
The finance minister is heading a delegation of top economic managers to IMF-WB spring meetings that includes Secretary Finance Waqar Masood Khan, Chairman Federal Board of Revenue Salman Siddique, Governor State Bank Shahid Hafeez Kardar, Deputy Chairman Planning Commission Nadeem ul Haq, Secretary Economic Affairs Division Abdul Wajid Rana and Counsellor Economic Affairs at the embassy Zahid Hafeez.
