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February 16, 2020

Citigroup Praises Pakistan’s Economic Performance

Pakistan’s economy is performing much better than many Middle Eastern and African countries and has become an important investment destination, said head Chief Executive Officer of Citigroup for Middle East and African.

In a meeting with Finance Minister Ishaq Dar, Mr. Atiq-ur-Rehman, the head of the Citigroup delegation, said Pakistan, South Asia’s second-largest economy, has shown outstanding performance in all significant development and economic indicators in the recent years.

The delegation discussed possible options for increasing foreign investment in the country. Citi is operating in Pakistan since 196 and is the one that launched the first credit card in the country and introduced the first 24 hours, seven days a week call center.

It is also the leading bank in Pakistan for delivering Export Agency and multilateral financing and has been instrumental in the development of Pakistan’s market for derivatives and other treasury products.

The group’s CEO also praised Pakistan for successfully completing the IMF country, the first time it has every concluded the entire program, meeting all IMF conditionality. Pakistan obtained the $6.6 billion loan under the Extended Fund Facility (EFF) in 2013 to avoid a balance of payment crisis.

The government of Prime Minister Nawaz Sharif which took over after a landslide victory in June 2013 election has also achieved the highest growth rate of 4.5 percent in the last eight years.

Dar said the government was creating a conducive environment for investment in the country and asked the Citigroup team to analyze various options to attract investment in the country.

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