Finance Minister arrives in Washington for IMF, World Bank meetings

[Lahore_Real_Estate]

WASHINGTON: Finance Minister Dr Abdul Hafeez Sheikh arrived in Washington on Thursday evening to head the Pakistani delegation at IMF-World Bank annual spring meetings.

Dr Sheikh is expected to highlight Pakistan's progress towards economic reforms, hopeful exports trajectory, growth prospects and importance of international partnership in the country's development in a series of meetings.

The finance minister will lead a team of Pakistan's top economic managers at the spring meetings that bring together world finance leaders and heads of international financial institutions.

Besides representing Pakistan at various forums of World Bank and IMF, Dr Sheikh is scheduled to meet World Bank President Robert Zoellick, senior IMF officials and his counterparts from several countries including Germany, China and U.K Secretary of State for International Development during his stay in Washington.

According to officials, the finance minister will also interact with American business leaders and draw their attention to tremendous investment opportunities that many sectors of the Pakistani economy hold for foreign entrepreneurs. He will address Pakistan-US Business Council at the US Chamber of Commerce and Business Council for International Understanding. He will also hold meetings with US officials on augmenting trade and economic ties.

The finance minister will also have a meeting with IMF Mission Chief for Pakistan Adnan Mazaeri and discuss progress towards completion of the $ 11.3 billion program ahead of the fifth review of the performance for release of last two remaining tranche of $ 3.3 billion.

Dr Sheikh will also address an event at Woodrow Wilson Center on US-Pakistan economic relations.

Officials say despite last year's flooding catastrophe and security challenges along the Afghan border, Pakistan is heading to a much better growth path in contrast with earlier dismal preditictions. Major crops including wheat and cotton are expected to surpass targets while exports, particularly those of food items and textiles, are set to fetch additional billions of additional dollars.

Remittances sent by expatriate Pakistanis are also helping the country as it is on course to receiving around $ 11 billion this financial year.

The finance minister and his team are also expected to dilate on the government's efforts to tackle challenges like inflationary pressures and energy shortages. The Pakistani finance leaders will also apprise their interlocutors of steps the government is taking to bolster revenue generation, control expenditures and contain fiscal deficit.

Included in the Pakistani delegation are Governor State Bank of Pakistan, Deputy Chairman Planning Commission, Secretary Finance, Secretary Economic Affairs Division and Chairman Federal Board of Revenue.