National economy put on path of stability, says Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh said that the national economy is put on the path of stability following the effective steps of the federal government, a press release said Saturday.

Abdul Hafeez Shaikh made the statement while holding a meeting with the Asian Development Bank (ADB) President Takehiko Nakao in Washington.

The finance adviser is currently on the visit to the United States in order to attend an informal meeting of the South Asian Association for Regional Cooperation (SAARC) finance ministers that focused on trade facilitation within the region.

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On the sidelines, Shaikh held meetings with the top officials of the International Monetary Fund (IMF), World Bank (WB) and Asian Development Bank (ADB)

A delegation of Pakistani officials has met ADB’s top official and exchanged views on ongoing and future projects with the assistance of the development bank.

Hafeez Shaikh apprised the ADB President regarding the steps being taken by the government to curtail the current account and capital account deficits.

During the meeting, Nakao said the Asian Development Bank is an important financial partner of Pakistan. The ADB president acknowledged the structural reforms undertaken by Pakistan towards economic stabilisation. He added that the development bank will continue its assistance to Pakistan.

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The finance adviser along with the delegation also met with WB’s Vice President of South Asian Region, Hartwig Schafer, and his team in Washington. The meeting reviewed the World Bank’s portfolio in Pakistan and discussed steps to enhance cooperation.

The delegation has also attended the Standard Chartered Global Investors Forum during the ongoing visit where it apprised the current economic situation and successful implementation of the IMF programme. The forum was also informed of investments’ facilities in Pakistan besides inviting them to invest in different sectors related to economic and social development.

Moreover, the Pakistan delegation also participated in a session of G-24 ministers and governors.