US envoy expresses ‘confidence’ in govt’s economic policies

ISLAMABAD: Charge’d Affaires of the United States (US) Andrew Schofer on Wednesday called on Finance Minister Ishaq Dar and expressed confidence in the policies and initiatives taken by the government of Pakistan for its economic stability.

According to a statement issued by Finance Division, the envoy also extended his country’s support to give further impetus to the economic and trade relations between the two countries.

During the meeting, Ishaq Dar exchanged views on remarkable bilateral relations and apprised the envoy of the current challenges being faced by the country, especially on the economic front.

The finance minister further communicated about the difficult policy decisions recently being taken by Pakistan aimed at stabilising the economy that resulted into an upward curve ensuring sustainable and inclusive growth.

The minister also informed the US Charge’d Affaires about the on-going International Monetary Fund (IMF) programme and assured his government’s commitment to complete it.

He thanked the envoy for the US support and reiterated his government’s desire to further expand bilateral trade and investment ties with America.

Earlier in April, finance minister Ishaq Dar asserted that the government was determined to set the economy on a positive trajectory by introducing reforms in various sectors in order to achieve economic stability and growth.

While chairing the meeting of Reforms and Resource Mobilisation Commission (RRMC) in Islamabad, the finance minister appreciated the efforts of the commission in recognising issues and challenges in the exiting taxation system.

In April, the Asian Development Bank (ADB) estimated Pakistan’s economic growth up to 2pc in the current ongoing FY2022-23, in the wake of last year’s devastating floods, ballooning inflation, a current account deficit, and an ongoing foreign exchange crisis.

According to the Asian Development Outlook (ADO), Pakistan’s economic growth remained slow in the FY2022-23 and witnessed a decrease of 0.6per cent as the economy struggles to recover.

Growth is forecast to remain up to 2pc in 2022-23, the report said.