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WASHINGTON: Finance Minister Abdul Hafeez Shaikh on Tuesday concluded his visit to Washington with the confidence that hopeful macro-economic performance, coupled with expected investment inflows into Pakistan would help bolster the national economy.
Dr Shaikh, who led Pakistan to IMF-World Bank annual meetings and discussed bilateral cooperation with senior US officials and counterparts from friendly countries, said during his engagements he advocated greater trade access for Pakistani products and sought investment in energy, infrastructure and other promising area.
The Pakistani delegation's 53 meetings included discussions with IMF and World Bank leaders on cooperation towards Pakistan's economic development.
The finance minister listed a series of positive indicators on the external front including a 24 per cent jump in exports in the first two months of the new fiscal year on top of 30 per cent growth last year.
The first two months have also seen a 24 per cent increase in tax revenue and a 40 per cent leap in foreign remittances that follow last year's record $ 11.5 billion, he added.
Additionally, foreign exchange reserves remain at comfortable levels at over $ 18 billion. These factors were a major reason in Pakistan's not seeking a fresh arrangement with the International Monetary Fund.
“So, the coming year will be a year of consolidation for us,” Dr Shaikh said, sitting beside Pakistan's ambassador to the United Husain Haqqani at the Pakistani embassy.
At the same time, the finance minister acknowledged challenges ahead including those in the power sector reforms.
Responding to a question about an international finance institution's report about economic risks in the country, he referred to upbeat performance in external sectors and his job is to present facts to the people.
Besides, Pakistan offers tremendous investment opportunities in a host of areas including energy and infrastructure.
During his visit, the finance minister had meetings with counterparts from Saudi Arabia, Iran, China, Afghanistan and the United Kingdom Secretary of State for International Development.
Dr Shaikh met with U.S. officials including Deputy Secretary Treasury Neal Wolin, Deputy Secretary of State Thomas Nides, USAID Chief Rajiv Shah and discussed bilateral economic cooperation with an emphasis on easing trade access for Pakistani products.
Dr Shaikh also interacted with Pakistan-US Business Council and invited American and Pakistani-American business leaders to make use of attractive investment opportunities existing in several sectors of the economy.
