Islamabad, April 21, 2014 (PPI-OT): Federal Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Senator Mohammad Ishaq Dar called on President Mamnoon Hussain at Aiwan-e-Sadr, today.
The Finance Minister briefed the President of his recent visit abroad in connection with floating of Pakistan’s Euro bond, Economic Working Group meeting with the US Officials and his participation in the Spring Meetings of IMF-World Bank.
He informed the President that Pakistan has returned to the international capital market for the first time in 7 years. He said that the 14 times over subscription of the Euro bond reflects over whelming confidence by the international investors in the economic policies of the government. He said that this success means a lot for the economy of Pakistan as we continue our reform effort and bring the economy to the path of its potential growth rate, which is undoubtedly very high.
He also briefed the President on his meetings with the US officials in which he conveyed Pakistan’s story of economic turnaround which is visible in the country. He also informed the President that 1st May 2014 will be Pakistan Day in the World Bank, as the Board will approve two program loans of $1 billon.
He added that Country Partnership Strategy (CPS) of World Bank for next five year with an assistance package of US$ 11 billion will also be presented to the Board the same day. On economic performance of the government, he informed the President that progress achieved so far in the last 9 months is satisfactory and all the economic targets will be achieved in the current fiscal year.
He added that the foreign exchange reserves are at satisfactory level and the strengthening of Rupee will bring in positive results for the economy. He informed that the growth is on the upward trajectory and inflation remains on a single digit level. He said that the policies of the Government will result in economic uplift of the people.
The President appreciated the efforts being made for the revival of the economy and expressed the hope that continued efforts by the economic team of the Government would result in revival of the country’s economy and would also restore confidence of the business community motivating them to play greater and leading role in the economic development of the country.
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