Both sides deliberate on matters related to the upcoming United Nations General Assembly session.
ISLAMABAD: (UrduPoint/Pakistan Point News-Sept 3rd, 2024) Deputy Prime Minister and Foreign Minister Ishaq Dar met with US Ambassador Donald Blome in Islamabad on Tuesday.
The both sides held discussions focusing on various aspects of the bilateral relationship between Pakistan and the United States, with an emphasis on expanding cooperation across multiple sectors. Additionally, they deliberated on matters related to the upcoming United Nations General Assembly session.
The meeting occurred at a crucial time as Pakistan awaits the International Monetary Fund’s (IMF) approval for its next loan program. Earlier in the day, Finance Minister Muhammad Aurangzeb expressed optimism about the country’s economic trajectory, stating that key economic indicators are moving in a positive direction.
In a televised statement, the Finance Minister highlighted the recent upgrade in Pakistan’s rating by two international agencies as a sign of the country’s economic progress. He noted that the economic policies implemented over the past six months are beginning to yield results, with foreign exchange reserves now exceeding nine billion Dollars, providing over two months’ worth of import coverage.
Aurangzeb also mentioned the reduction in inflation, which has now fallen to single digits, and the subsequent decrease in the policy rate, which is expected to benefit all sectors of the economy. He pointed out that remittances in July reached an all-time high.
The Finance Minister reiterated the importance of raising the tax-to-GDP ratio to over thirteen percent, stressing that all sectors, including wholesalers, distributors, and retailers, must contribute to the economy. He indicated that the results of ongoing enforcement and digitalization efforts would become evident soon, with 132 billion rupees already refunded to exporters.
Aurangzeb also affirmed the government’s commitment to reducing the size of the Federal government, stating that the process is being carried out methodically, with input from relevant departments.
He expressed confidence that the IMF board would approve Pakistan’s loan program on time and that the program would be successful.
