Pakistan delegation comprising Finance Secretary, Mr. Shahid Mahmood, Governor, State Bank of Pakistan, Mr. Tariq Bajwa and Secretary, Economic Affairs Division, Mr. Arif Ahmed Khan participating in the 98th Ministerial meeting of G-24 in Washington DC, held various bilateral discussions on the sidelines of the IMF/World Bank Annual meetings on 12 Oct 2017. The delegation met Mr. Mitsuhiro Furusawa, Deputy Managing Director, IMF, Mr. Michael Kaplan, Deputy Assistant Secretary, US Department of Treasury, Mr. Gilbert Houngbo, President International Fund for Agriculture Development (IFAD)and also attended a number of other events.
The members of the delegation discussed the current economic situation in Pakistan with their counterparts. They drew their attention to positive economic developments taking place in the country, particularly highest growth rate achieved by Pakistan during the last ten years along with contained inflation, and to the challenges on the external front. They expressed the hope that the ongoing CPEC projects, improved security situation and growth in private sector credit off take, especially fixed investments, will lead to a sustained and inclusive higher growth trajectory for Pakistan in the coming years.
Referring to the main challenge facing the economy, they mentioned that the current account deficit was partly driven by higher machinery imports which in coming years should add to the growth momentum of the economy through increased economic activity. However, the external account situation is being closely monitored and steps are being taken to address it.
October 13 , 2017