Tag: economic diplomacy

  • IMF praises Pakistan’s economic progress and stability efforts 

    IMF praises Pakistan’s economic progress and stability efforts 

    The Executive Director at the International Monetary Fund (IMF), Bahador Bijani, acknowledged a positive trend in the economic landscape of Pakistan, highlighting the effective measures taken by the authorities. 

    The statement was made during an event hosted by Masood Khan, Pakistan’s Ambassador to the US, bringing together representatives from key international financial institutions (IFIs) such as the IMF, International Finance Corporation (IFC), World Bank, and Multilateral Investment Guarantee Agency (MIGA) at Pakistan House. 

    Expressing optimism, Bijani highlighted Pakistan’s significance regionally and globally, asserting that the nation merits enhanced prospects.  

    This observation coincides with Pakistan’s current status under a caretaker government while participating in an ongoing IMF programme. 

    Nathan Porter, IMF Mission Chief to Pakistan, addressed the assembly of over 40 IFI representatives, expressing contentment with the recently concluded staff-level agreement.  

    Porter praised the interim government’s actions and policies, underscoring their dedication to steering the country towards stability. He expressed the hope that this foundation would enable the pursuit of reforms for a more robust, prosperous, and inclusive Pakistan. 

    Porter further commended the State Bank of Pakistan (SBP) for its cooperative efforts and policies aimed at ensuring fiscal stability in the country.  

    Athanasios Arvanitis, Deputy Director of the Middle East and Central Asia Department at the IMF expressed optimism that the upcoming elections in February would bring about the necessary reforms for Pakistan’s progress. 

    Syed Ali Abbas, Advisor Mission Chief UK, European Department at the IMF, echoed similar sentiments, anticipating a more enduring approach following the successful completion of the electoral process. 

    Ambassador Masood Khan underscored the transformative impact of Pakistan’s economic digitization, emphasising the emergence of new opportunities for the youth and professionals in steering the nation towards a promising future. 

    Khan asserted that Pakistan, as a nation of talented individuals, has the potential for significant accomplishments.  

    The statement aligns with earlier commendations from Kristalina Georgieva, Managing Director of the IMF, who lauded the Pakistani government for its adept handling of economic stability and timely implementation of reforms earlier this month. 

  • Bilawal visits Tokyo, says Pakistan needs ‘trade, not aid’

    Bilawal visits Tokyo, says Pakistan needs ‘trade, not aid’

    Pakistan’s Foreign Minister Bilawal Bhutto-Zardari, on his maiden visit to Japan, has declared his intention to boost trade and promote diplomatic ties between the two countries on Sunday. He stated that Pakistan needed trade and not aid.

    Giving an address at an event organised by the Pakistani diaspora living in Tokyo, Bilawal maintained that the two countries have agreed to further deepen and enhance their mutually beneficial bilateral cooperation in multiple areas. These include trade, investment, human resource development and exchange, IT, tourism and agriculture sectors.

    “We have also jointly agreed to explore the possibility of working together on targeted programs with higher impact in the domains of solarisation, desalination, and water purification and housing and infrastructure rebuilding in the floods affected areas in Pakistan,” Bilawal said in a joint press stakeout along with his Japanese counterpart Yoshimasa Hayashi, as reported by The News.

    Empowering our workforce

    In addition, the two sides have agreed to conduct language skill assessment tests for the Japanese language in Pakistan to facilitate the movement of skilled workers. The Nation reported that Bilawal underscored the importance of Pakistanis living abroad, stating: “The overseas Paki­stanis are our assets, who are play­ing vital role to promote bilateral ties between Pakistan and Japan. Our population consists of 65 per­cent youth and we want Pakistani youth to get employment in Japan.”

    Potential for growth

    The Foreign Minister met with repre­sentatives of the Japan Interna­tional Development Agency (JICA) and the Japan External Trade Orga­nization (JETRO) to discuss poten­tial for trade and investment. He also stated that Pakistan’s incumbent government was working on economic diplomacy in order to bring prosperity to the country.

    Bilawal also went on to praise Japan’s advancement in IT and other fields, saying Pakistan could learn from them. Both sides have seen a new vigour in their relationship through continued high-level exchanges.