In a bid to woo British investors, Caretaker Prime Minister Anwaar-ul-Haq Kakar reiterated to them Pakistan’s commitment to the $3 billion International Monetary Fund stand-by agreement and assured that his government will take reforms as per its commitment to the global lender.
According to the PM Office on Monday, the premier made the assurance during his meeting with “senior leaders of London’s capital and financial market” at the Pakistan House.
The notable investment firms represented at this gathering included Fidelity International Limited, Wellington Management, Ashmore, Jefferies International, Redwheel Capital, Switex Industrial SA, Oxford Frontier Capital, GuarantCo, JP Morgan, Kalrock Capital, and UBL UK.
In their meeting, the British investors enquired about the continuity of the IMF programme in Pakistan and reform efforts from the short to medium term.
“The prime minister assured them that Pakistan had expressed its commitment to the IMF programme by undertaking reforms committed with the IMF. The investors expressed their keen interest in exploring promising investment opportunities in the financial and capital market of Pakistan, reflecting a growing mutual interest in expanding economic collaboration,” the statement said.
The interim PM also highlighted Pakistan’s pro-investment efforts including the formation of the the Special Investment Facilitation Council.
He briefed the delegation on Pakistan’s current economic landscape and highlighted the government’s measures for external account improvement.
“Recent administrative actions strengthened the Pakistani rupee against the US dollar, fostering optimism for stability,” the premier said. He added that the positive indicators, including inflows from the World Bank, Asian Development Bank, and friendly nations, contributed to reduced inflation, stabilised reserves, and revival of industrial growth.
The premier also spoke about the potential for foreign direct investment in Pakistan’s key sectors and the positive impact of the stand-by arrangement with the IMF, exceeding expectations and stabilising the economy and currency.
PM Kakar also highlighted economic improvements such as reduced inflation with expected sustained decline, and upcoming growth in agriculture and industry. He mentioned improved trade after the removal of restrictions on imports and fiscal measures for monetary support and medium-term inflation targets.
Premier Kakar arrived in the United Kingdom after attending the United Nations General Assembly session in New York.
The Prime Minister said that the overseas Pakistanis need to avail great investment opportunities offered by government of Pakistan.
Moreover, Kakar also shared the government’s resolve and commitment to privatize loss-making state-owned enterprises.
The British Pakistani business leaders expressed their appreciation for the prime minister’s outreach to the diaspora and conveyed their strong interest in expanding their business operations in Pakistan while actively seeking to increase their investments in the country.
They hoped that reforms undertaken by the government would continue in the long run and assured the prime minister of their support for putting Pakistan back on the growth trajectory.
