Dar meets US Treasury Secretary, discusses economic development

WASHINGTON: Finance Minister Ishaq Dar on Tuesday met with US Treasury Secretary Mr. Steven Mnuchin and briefed him about the economic development since 2013, according to an Embassy press release.

The finance minister informed the treasury secretary that the country for the first time in its history has completed an IMF Program which has put the economy on solid footing, according to the press statement.

Dar stated that following the recovery period, the country’s economy is ready for a sustained and inclusive growth.

The statement mentioned that the finance minister stated that as a result of the prudent economic policies, the fiscal deficit has come down from 8.2% in 2013 to 4.5% in 2016.

The foreign exchange reserves have gone up to over $21 billion which is over four months of import bill, said Dar.

The finance minister informed that Pakistan is now eligible for IBRD loans which are providing much-needed fiscal space for development projects.

While responding to a question by treasury secretary about efforts to curb terrorism, Dar said that the Government of Pakistan is firmly committed to eliminating terrorism of all sorts.

Not only that, the minister also shared the details of Operation Zarb-e-Azab with Steven Mnuchin and said that the government is spending a huge sum of money not only on the operational side but also to rehabilitate internally displaced persons.

The finance minister said that the government is enforcing legal controls to prevent misuse of banking channels to avoid flow of funds to terrorist organisations, stated the press release.

Mnuchin lauded the recent turnaround witnessed by the Pakistan’s economy and measures taken by the government to control terrorist financing.

He also said that both the countries need to work together to curb this menace. 

Dar stated that Pakistan not only aspires to have better cooperation with the new US administration, not only in economic terms but in other areas too.