IMF, WB and ADB officials briefed on economic measures

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Observer Report

Washington

The International Monetary Fund 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 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 participated in an informal meeting of the South Asian Association for Regional Cooperation 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.
According to the statement, in their meetings with business leaders the delegation apprised them of the overall state of economy in Pakistan with focus on government’s measures to curtail the twin deficits and revive various sectors of the economy through institutional reforms and collaborations with regional and international investment partners. President ADB Mr. Nakao said that ADB is an important financial partner of Pakistan and acknowledged the current structural reforms undertaken towards economic stabilization in Pakistan.
The IMF Director appreciated the progress made towards economic stabilization as well as government commitment to the reform process. Dr. Shaikh gave an overview of the economic situation in Pakistan and progress made with the implementation of the IMF program. He urged the participants to invest in Pakistan.