mean business, and Pakistan will be a good host,” he told the gathering of prominent business leaders. The new government, he said, is focused on addressing three inter-related problems including energy, economy and extremism.
On steps towards meeting Pakistan’s exponential energy requirements, the minister spoke of the Dasu and Diamer-Bhasha dams and added completion of these projects would help ensure smooth flow of energy. In the immediate context, he said, the government has paid off the circular debt of around Rs500 billion to spur supply of power.
He said the investors could avail a lot of opportunities in the energy sector as Pakistan has proven reserves of coal and gas and a number of hydro power projects are under way as well.
He apprised the business and corporate leaders of the reforms and measures the government has taken to check inflation, curb fiscal deficit, attract foreign investment, bolster revenues, step up tax collection, and said as a result of the new government’s steps, the international business and financial institutions’ confidence in the country’s economic development potential has increased tremendously.
The minister, who is heading a Pakistani delegation to annual IMF-World Bank meetings, is accompanied by Finance Secretary Dr Waqar Masood Khan, Governor State Bank Yaseen Anwar and Secretary Economic Affairs Division Ms Nargis Sethi.
Earlier, Esperanza Jelalian, Executive Director of the Council, welcomed the minister.
In her opening remarks, Carolyn L Brehm, Vice President of the US Pakistan Business Council, spoke of the great economic potential of Pakistan and its advantageous geographic location.
“Our members see value in Pakistan’s geographical proximity — it has a talented workforce,” she said, noting that a number of companies are running profitable businesses in the country. Meanwhile, Finance Minister Dar called on Japan’s Deputy Prime Minister Taro Aso, who is also finance minister of his country, as the two sides discussed Tokyo’s support for major Pakistani projects.
During the meeting, Senator Dar briefed the Japanese leader about the macroeconomic policies of the Pakistani government.
He informed the Japanese deputy premier about the Yamaha Plant, being set up in Pakistan. Dar expressed hope that the Japanese leadership would give a go ahead signal to Japanese International Cooperation Agency for approval of major projects like Karachi Circular Railway for which the spade work has already been completed.
Finance Minister Ishaq Dar also separately met with US Undersecretary of Treasury for International Affairs Ms Lael Brainard and briefed her about the country’s efforts towards macroeconomic stabilisation.
He informed Brainard about the actions taken by the new government in first four months, saying these had put the economy back on track, an aide to the finance minister said. Dar said the government had set an ambitious target for the economy in the next three years which include reducing the fiscal deficit by half, doubling of GDP growth rate and increasing the investment by 50 percent. The finance minister stated that the actions taken by the government had led to the approval of the programme with the IMF. The Fund, he said, has endorsed the policies of the government, headed by Prime Minister Nawaz Sharif.
Ms. Lael Brainard appreciated the bold decisions taken by the new government to revive the Pakistani economy. She observed that these steps would help create jobs and pull investment into the country. She assured finance minister of all possible help to achieve the targets set by the government. Later, Ishaq Dar addressed a gathering of Pakistani-Americans at the Pakistani embassy, which hosted a dinner in honour of the visiting finance minister and his team of economic managers.
