Hafeez in US to woo the IFIs

By Staff Reporter
Sunday – October 20, 2019
WASHINGTON (United States): To apprise the international financial institutions (IFIs) of the overall state of economy, with a focus on incumbent’s measures to curtail twin deficits, revive various sectors through institutional reforms, the prime minister’s (PM) finance, revenue and economic affairs advisor (PM-FREA-A) Abdul Hafeez is in the United States (US) to also attend the annual meetings of International Monetary Fund (IMF) and the World Bank (WB).

According to an official statement on Saturday, PM-FREA-A Hafeez held a series of meetings with heads of various IFIs and business leaders.

In a meeting with Asian Development Bank (ADB) president Takehiko Nakao, PM-FREA-A Hafeez apprised Nakao about the steps taken by the incumbent regime for curtailing the current and capital account deficits effectively.

Nakao held that the ADB is an important financial partner of Pakistan and acknowledged the current structural reforms undertaken towards economic stabilisation.

They exchange views on the ongoing projects sponsored by the ADB in Pakistan, as well as the planned portfolio.

The meeting with ADB president was also attended by the State Bank of Pakistan (SBP) president Reza Baqir and finance secretary Naveed Kamran.

Separately, PM-FREA-A Hafeez met with the World Bank (WB) South Asian Region (SAR) vice president Hartwig Schafer and reviewed the WB’s portfolio in Pakistan. They exchanged views on furthering the steps to strengthen cooperation.

Meanwhile, PM-FREA-A Hafeez held a meeting with the IMF Middle-East and Central Asia director Jihad Azour and discussed the implementation of the ongoing IMF program.

Azour appreciated the progress made towards economic stabilisation as well as the incumbent regime’s commitment to the reform process.

The members of the Pakistan delegation also participated in the Group of 24 (G24) ministers and governors meeting, on the sidelines of the annual meetings of the IMF/WB-2019.

Furthermore, PM-FREA-A Hafeez attended the informal meeting of the South Asian Association of Regional Cooperation (SAARC) finance ministers, which focused on trade facilitation within the SAARC region.

He also participated in the Standard Chartered’s global investors forum where PM-FREA-A briefed an overview of the economic situation in Pakistan and the progress made so far with the implementation of the IMF program.

He urged the participants to invest in Pakistan.