Daily Times

Caretaker Prime Minister Anwaar-ul-Haq Kakar has assured British investors that Pakistan is committed to the $3 billion International Monetary Fund (IMF) programme and will undertake reforms as per its commitment with the global lender. According to the PM Office on Monday, the premier made the assurance during his meeting with “senior leaders of London’s capital and financial market” at the Pakistan House in London.

The notable investment firms represented at this gathering included Fidelity International Limited (FIL), Wellington Management, Ashmore, Jefferies International, Redwheel Capital, Switex Industrial SA, Oxford Frontier Capital, GuarantCo, JP Morgan, Kalrock Capital, and UBL UK.

In their meeting, the British investors enquired about the continuity of the IMF programme in Pakistan and reform efforts from the short to medium term.

“The prime minister assured them that Pakistan had expressed its commitment to the IMF programme by undertaking reforms committed with the IMF. The investors expressed their keen interest in exploring promising investment opportunities in the financial and capital market of Pakistan, reflecting a growing mutual interest in expanding economic collaboration,” the statement said. The interim PM also highlighted Pakistan’s pro-investment efforts including the formation of the Special Investment Facilitation Council (SIFC). He briefed the delegation on Pakistan’s current economic landscape and highlighted the government’s measures for external account improvement.

“Recent administrative actions strengthened the Pakistani rupee against the US dollar, fostering optimism for stability,” the premier said. He added that the positive indicators, including inflows from the World Bank, Asian Development Bank, and friendly nations, contributed to reduced inflation, stabilised reserves, and revival of industrial growth. The premier also spoke about the potential for foreign direct investment in Pakistan’s key sectors and the positive impact of the stand-by arrangement (SBA) with the IMF, exceeding expectations and stabilising the economy and currency. PM Kakar also highlighted economic improvements such as reduced inflation with expected sustained decline, and upcoming growth in agriculture and industry. He mentioned improved trade after the removal of restrictions on imports and fiscal measures for monetary support and medium-term inflation targets.

Meanwhile, Foreign Secretary of UK James Cleverly met Prime Minister Anwaar-ul-Haq Kakar on Monday and discussed with him matters relating to mutual interests. During the meeting matters of all areas of mutual interest, including multifaceted bilateral relations, and resumption of PIA flights came under discussion. The two sides also agreed on the need to elevate relations covering all areas of mutual benefit. The two sides appreciated the constructive role of the 1.6 million-strong British Pakistani diaspora in strengthening the close and historic ties between the two nations.

The UK side lauded Pakistan’s support in hosting and facilitating exit of Afghan nationals for onward resettlement. Prime Minister Kakar extended an invitation to the UK Foreign Secretary to visit Pakistan which he was pleased to consider.