ADVISER to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Sheikh has said that Pakistan’s economy is on the right path to stabilisation and the US businesses should benefit from investment opportunities available in the country. Speaking at a roundtable discussion with senior executives of the US-Pakistan Business Council in Washington, he highlighted the government’s focus on improving the ease-of-doing-business in Pakistan.
The hard work done by the economic team of the Government, ably led by Dr Abdul Hafeez Sheikh, has started bearing fruits as economic fundamentals are showing positive signs. The current account deficit, which was a source of concern for all, has squeezed, imports contracted and steps have been taken to attract local and foreign investment. The Advisor successfully projected these achievements to his audience and interlocutors during his Washington visit and reports from the US capital indicate encouraging response from prospective investors. The IMF, the World Bank and other donors are appreciative of the measures introduced by the incumbent government to stabilize the economy and address economic malaise on sustainable basis. The donors have also come out with positive analyses and projections regarding recovery of the economy, which have sent positive signals to investors. This was also evident from the outcome of meetings that the Advisor had with President of Asian Infrastructure Investment Bank, President of Islamic Development Bank and President of International Finance Corporation (IFC), a subsidiary of the World Bank. AIIB President Jin Liqun reiterated support for Pakistan’s development agenda, saying that AIIB was ready to increase funding for Pakistan’s priority development sectors. Similarly, the IDB President Dr Bandar M H Hajjar informed that Pakistan had been identified as one of the first countries which would be supported by the Bank for strengthening market competitiveness in its core sectors. The IFC chief also expressed interest in investment in solar and wind sectors, the emerging technologies that offer long term solution to the energy vows of the country. All this shows the country is on the right path and has the potential to attract sizeable investment in different sectors of economy provided the policies and measures of the government are projected in right perspective besides continuation of the policies and more work towards ease of doing business.
