ISLAMABABD, (MILLAT ONLINE/APP): Pakistan has made an impressive
headway in Financial and Digital Inclusion, Finance Minister Ishaq
Dar said at the press briefing with Pakistani media towards the end
of his current visit to Washington DC for attending Spring meetings
of the IMF and World Bank.
During five-day visit in Washington DC, Finance Minister
Ishaq Dar attended the mandatory meetings of IMF and WB along
with more than two dozen meetings on sidelines with officials
of the State Department, Thinktanks and members of the Pakistani
diaspora.
The Finance Minister gave a detailed round-up on the plenary
sessions with the IMF and World Bank during the press briefing.
He said there was a positive sentiment about the tremendous
economic rebound, experienced by Pakistan over the last four years.
“Pakistan was at the verge of bankruptcy in 2014 and today
Pakistan is likely to achieve approximately 5% growth rate during
the current financial year”, he said. “Both IMF and WB are on the
same page with the Pakistan government in these projections,” he
added.
The global credit rating agencies have upgraded the rating of
Pakistan from `negative` to `stable` and from stable to `positive`
over the last four years to an extent that the country is likely to
be included in G-20 countries by 2030, he expressed the optimism.
Senator Ishaq Dar said Pakistan has successfully completed
the IMF programme first time ever and was now considered as a
case study of economic turnaround due to prudent fiscal &
monetary policies and macrostructural reforms.
During the course of discussion, the minister outlined the
important financial initiatives to be undertaken by the government
in near future.
He said Pakistan Infrastructure Bank would be established
with a paidup capital of one billion dollars. It would finance
private investors in development projects, he added.
He said both IMF and Pakistan government would have
20% shares each and the rest would be met by international
organizations such as IFC.
Ishaq Dar further said that government would soon be
launching Pakistan Development Funds. The shares worth
Rs. 100 billion of the Pakistan Development Fund would
be offered to Pakistani diaspora in order to channelize
their valuable remittances effectively, he added.
Later on, the shares of the Pakistan Development Fund
would be enlisted on Pakistan Stock Exchange. After success
of Sukok Bonds, Pakistan Development Fund would be another
attractive investment for overseas Pakistanis, he remarked.
He also mentioned that the government has entered into
consultation with the World Bank to introduce solar energy
as a new electricity generation alternative at a lowest cost
in Pakistan.
On the last day of the visit, Finance Minister Senator
Ishaq Dar had a detailed meeting with the US National Security
Advisor Lt.Gen. McMasterat the White House.
During an hour-long meeting, he had a comprehensive
discussion on topics such as defense and security,
counter-terrorism, economy, Kashmir, regional connectivity,
trade and finance etc.
The Finance Minister highlighted the economic reforms
agenda of the Prime Minister and updated US NSA on Pakistan’s
security situation.
The Finance Minister Ishaq Dar reiterated that Pakistan
would not allow its soil to be used against any country and
at the same time, Pakistan expects the same level of commitment
from other countries in the region.
In response to a question related to the verdict in
Panama Papers case, Dar said PML(N) government has honoured
the decision of the Apex Court and would welcome the formation
of JIT within next 07 days in line with the judgement.
Towards the end of the briefing, Minister Dar emphasized
that Pakistan has now emerged as a lucrative investment option
for international investors and urged US multinational giants
to consider Pakistan for establishing labour-intensive facilities
in the South Asian region.