Prime Minister Nawaz Sharif will focus on expanding investment and trade co-operation with the United States during his upcoming visit to Washington, Finance Minister Ishaq Dar said. Dar was speaking to media representatives at the conclusion of his visit to Washington during which he attended more than 50 meetings of annual IMF-World Bank gatherings, and also had "positive" discussions with US officials on bilateral relations.
The minister revealed that the American officials assured him during bilateral meetings that an outstanding amount of $322 million in Coalition Support Funds would be reimbursed to Pakistan shortly. With regard to Prime Minister Nawaz Sharif's talks with President Barack Obama on October 23, Dar said the Pakistani leader would advocate trade as the best way to strengthen bilateral relations and call for expansion in trade and investment relations.
The prime minister will also interact with American business leaders, Dar added. Dar said he had a string of useful meetings with American officials including USAID administrator and senior US trade officials. He said budget spending for Pakistan from the US assistance is likely to be increased to 35 to 40 percent from current 20 percent. He also met with US Deputy National Security Advisor, Special Envoy for Afghanistan and Pakistan, and Ambassador Carlos Pascal, envoy on energy and discussed bilateral co-operation.
With the discussions with US Under-secretary of Treasury, David Cohen, Dar said that his discussions addressed anti-money laundering efforts. Pakistan, he said, has promulgated an ordinance amendment to bring the law in line with international requirement. Not doing so, he added, would have affected Pakistani banking sector rating.
During meetings with the chiefs of World Bank and IMF, Dar said there was a "sea change" in their dealings with Pakistan as the international finance institutions expressed appreciation for Pakistan's recent reforms and steps to put the economy back on track. The World Bank, he said, has committed $700 million to Dasu hydro power project. The Overseas Private Investment Corporation has said it would increase the investment in Pakistan to $1.5 billion.
"I found much greater international confidence in Pakistan's economic policies and reforms, and am confident that with more investments, we will be able to fuel the national economy, achieve higher GDP growth and fast-track the economic development," he said.
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