Dar seeks support from Bank of China to bring back macroeconomic stability
ISLAMABAD-Finance Minister Ishaq Dar has sought the support of Bank of China to bring back macroeconomic stability and asked for expansion of business relations with Pakistan to deepen the economic and financial relations.
Federal Minister for Finance and Revenue held a virtual meeting with President Bank of China Liu Jin at Finance Division. SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Special Secretary Finance and other senior officers from Finance Division attended the meeting.
Finance Minister Ishaq Dar shared that it has always been great pleasure to work with Bank of China and Pakistan has enjoyed sound financial dealings with the bank. The finance minister also highlighted the recent visit of Prime Minister of Pakistan to China and talked about reciprocation of warm sentiments from Chinese leadership. The finance minister, while talking about the longstanding and durable relationships between govt of China and Govt of Pakistan, shared gratitude to President, Bank of China for continuous support to Pakistan in testing times. It was shared that Bank of China has played a crucial role in extending budgetary support to Pakistan which has played a significant role in easing pressure on the external account and meeting budgetary needs.
The finance minister extended invitation to President Bank of China to visit Pakistan. He briefed the President Bank of China about the financial and fiscal conditions inherited by the present govt and shared that present govt has strong resolution to bring back the macroeconomic stability. In this regard, the finance minister sought the support of Bank of China and asked the president for expansion of business relations with Pakistan to deepen the economic and financial relations. The president Bank of China also highlighted the historical and bilateral ties between both countries and appreciated the govt of Pakistan for taking the necessary measures for easing the lives of masses in the country. He also acknowledged the contribution of Pakistan in supporting China during hard times. He also commended the ongoing facilitation being provided by the govt of Pakistan on various Chinese projects under the umbrella of CPEC. In conclusion, the finance minister thanked the President Bank of China for continuous support and assured him of same support by the present govt in deepening the economic, trade and investment cooperation.
Meanwhile, Ishaq Dar held a meeting with a delegation of institutional investors at Finance Division. The delegation discussed about the economic situation and outlook of the country. The delegation held a comprehensive discussion with the finance minister regarding IMF programme, flood related expenditure and losses, market perception and outlook, as well as external account situation. The finance minister welcomed the delegation and assured the delegation that the present govt has taken all pragmatic measures to facilitate the business environment in Pakistan. He shared that Pakistan is slowly but gradually moving toward economic stability and it is high time to invest in Pakistan. It was shared that reconstruction and rehabilitation phase will start in the coming months. The finance minister appreciated the friendly countries for their flood relief support. The finance minister further asserted that present govt aims at successfully completing the IMF program and shared that the govt will repay the international bonds on time. Further, there was no plan to approach Paris Club. He further asserted that present govt is committed to honor all of the financial commitments made by the present as well previous govt with national and international financial institutions. In conclusion, the delegation thanked the finance minister for their positive response and support.
Article source: https://www.nation.com.pk/30-Nov-2022/dar-seeks-support-from-bank-of-china-to-bring-back-macroeconomic-stability