WASHINGTON – Finance Minister Ishaq Dar on Tuesday met with US Treasury Secretary Mr. Steven Mnuchin and briefed him about the economic development of Pakistan.
According to a press release issued by Embassy, the finance minister informed the treasury secretary that the country for the first time in its history has completed an IMF Program resulting in betterment of economic conditions.
Dar stated that following the recovery period, Pakistan’s economy was ready for a sustained and inclusive growth.
The statement mentioned that the finance minister highlighted that as a result of the prudent economic policies, the fiscal deficit plummeted from 8.2% in 2013 to 4.5% in 2016.
‘The foreign exchange reserves have swelled to over $21 billion which is over four months of import bill’ said Dar.
The finance minister informed that Pakistan was now eligible for IBRD (International Bank for Reconstruction and Development) loans which are providing much-needed fiscal space for development projects.
To a question by treasury secretary about efforts to curtail terrorism, Dar replied that the Government of Pakistan was firmly committed to weed out terrorism of all kinds.
Not only that, the minister also shared the details of Operation Zarb-e-Azab with Steven Mnuchin and said that the government was spending a huge sum of money not only on the operational side but also to rehabilitate internally displaced persons (IDP’s).
‘The finance minister said that the government is enforcing legal controls to prevent misuse of banking channels to avoid flow of funds to terrorist organisations’ stated the press release.
Mnuchin appreciated the recent turnaround witnessed by the Pakistan’s economy and measures taken by the government to control terror financing.
He also said that both the countries need to work together to smash out terrorism.