21 °C Prince George's County, US
April 6, 2020

U.S. Appreciates Pakistan’s Economic Achievements as “Remarkable”

Islamabad — Special Assistant to the U.S. President for National Security Council for South Asian Affairs, Dr. Peter Lavoy, appreciated Pakistan’s economic turnaround during a meeting with Finance Minister Ishaq Dar in Islamabad.

The US envoy described the economic successes as a “remarkable success story” and also appreciated the successful conclusion of the 8th IMF review, according to a Pakistan’s government statement issued on Aug. 13.

On the successful IMF review, he said that reaching this stage was a singular achievement by Pakistan which was a manifestation of high level of fiscal and financial discipline that was introduced by the present government. The completion of the 8th review will pave the way for the release of $502 million tranche as part the 2013 $6.6 billion loan.

Lavoy discussed the likely visit of Pakistan’s Prime Minister Nawaz Sharif to the United States in coming months and said the U.S looked forward to it, , hoping to discuss important facets of Pak-US Economic Cooperation.

He said that U.S. wanted to see Pakistan attracting foreign investment and believed that it could achieve that by ensuring peace and eradicating the scourge of militancy. Director, National Security Council, Borany Penh, outlined events that the US planned to facilitate enhanced economic, trade and commercial cooperation with Pakistan.

The accompanying US Under Secretary Rose Gottemoeller, who attended the meeting, said that both Pakistan and the US have been engaged in a very meaningful strategic dialogue over the year which has moved in a very positive direction, signifying continued growth in the bilateral ties.

Finance Minister, Senator Ishaq Dar said achieving economic stability was the main plank of the government’s policy. He informed the delegation that Pakistan has successfully re-entered the international bond and sukuk market and the country’s economic rating has moved from negative to stable and now to positive. “Now we are all set to tread on the path of growth”, the Minister remarked.

He said though the economic challenges were still there, the government had a great resolve to meet all these challenges and ensure economic prosperity in the country. The Minister also briefed the US delegation about the government’s efforts for alleviating the energy problem in the country which along with political stability was also necessary for economic development.

Related articles

Pakistan to Allow Duty-Free Import of 5 Million Cotton Bales

Pakistan’s Prime Minister Nawaz Sharif has directed the Commerce Ministry to make arrangement for duty-free import of 5 million cotton bales, as low production of staple hits the country’s exports. Pakistan, the world’s fourth biggest cotton producer, is facing sharp decline in cotton production in 2116/17 crop year as farmers switch more profitable crops. The […]

TPP Pact May Challenge Pakistan’s Exports to U.S.

Burke – Pakistan fears a successful negotiation of the Trans-Pacific Partnership agreement sought by U.S. President Barack Obama will benefit its competitors, hurting the country’s exports to America. Pakistan’s exports are already losing ground in the U.S. market due to less focus on synthetic textiles and the TPP would further challenge its prospects, according to […]