Finance Minister briefed on IMF / World Bank Annual Meetings

Islamabad: (18th October 2017) Finance Minister, Senator Mohammad Ishaq Dar chaired a meeting at the Ministry of Finance on Wednesday and received a briefing from Governor State Bank of Pakistan (SBP), Mr. Tariq Bajwa, and Finance Secretary, Mr. Shahid Mahmood relating to participation of Pakistan’s delegation in the recently concluded Annual Meetings of the World Bank and IMF.

During the briefing to the Finance Minister, Governor SBP said that the World Bank and IMF were informed by the Pakistani side that the government is focused on maintaining the economic stability achieved during the last four years, and attaining higher economic growth. He said that the measures being taken by the government to manage the current account deficit and strengthen the external account position were also conveyed during the meetings, including the Prime Minister’s Package of Incentives for Exporters and policy options being adopted to manage imports.

The Finance Secretary briefed the Finance Minister on the discussions held with the World Bank during the annual event. He said that the opportunity was utilized to hold in-depth discussions on various matters such as further economic reforms as well as Bank-supported development projects. He said that the delegation also held productive meetings with ratings agencies, banks and investors on the side-lines of the Annual Meetings regarding Pakistan’s economy.

Minister Dar expressed satisfaction at the participation and contribution of the Pakistani side during the Annual Meetings. He welcomed World Bank’s clarification relating to Pakistan’s external financing requirements, and said that the matter had caused unnecessary commotion. He said that the government is focused on achieving higher, sustainable and inclusive economic growth, in order to capitalize on the hard-earned macroeconomic stability of recent years. In this regard, he highlighted the strong fiscal performance during the first quarter of the current fiscal year. He stated that Pakistan’s external financing needs are at a sustainable level, and external inflows are expected to be sufficient to meet repayment obligations