IMF, ADB support economic reforms

KARACHI: Asian Development Bank (ADB) and International Monetary Fund (IMF) on Friday expressed their support to Pakistan’s efforts towards bringing the ailing economy back on the trajectory of sustainable and inclusive growth.

“ADB is an important financial partner of Pakistan and acknowledged the current structural reforms undertaken towards economic stabilisation in Pakistan,” Takehiko Nakao, president of ADB said during a meeting with Adviser to the Prime Minister on Finance Hafeez Shaikh.

Shaikh was leading a delegation to attend the annual meetings of IMF / World Bank 2019. The delegation held a series of meetings with heads of various global financial institutions and business leaders to apprise 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, an official statement said.

Adviser to the Prime Minister apprised ADB president about the steps taken by the government for curtailing the current and capital account deficits effectively.

The delegation included State Bank of Pakistan President Reza Baqir and Secretary Finance Naveed Kamran Baloch. They held an extensive meeting with Nakao to exchange views on the ongoing projects sponsored by ADB in the country and planned portfolio.

Shaikh also met IMF Director Middle East and Central Asia Department Jihad Azour. They discussed the implementation of the ongoing IMF program.

Azour appreciated the progress made towards economic stabilisation as well as government commitment to the reform process.

PM adviser met with World Bank Vice President South Asian Region Hartwig Schafer and his team. The meeting reviewed the World Bank’s portfolio in Pakistan and exchanged views on further steps to strengthen cooperation between the two sides.

The members of the delegation also participated in the G-24 ministers and governors meeting on the sidelines of the annual meetings of IMF / World Bank 2019.

Shaikh also attended informal meeting of the South Asian Association for Regional Cooperation (Saarc) Finance Ministers that focused on trade facilitation within the Saarc region.

PM adviser and the delegation participated in the Standard Chartered Global Investors Forum. Shaikh gave an overview of the economic situation in the country and progress made with the implementation of the IMF program at the event. He urged the participants to invest in the country.