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Monday, February 26, 2024  
15 Shaban 1445  

Kakar assures UK investors of Pakistan’s commitment to IMF programme

Investors express their keen interest in exploring promising investment opportunities
Interim Prime Minister Anwaarul Haq Kakar in a group photo with UK investors. Photo via PM Office
Interim Prime Minister Anwaarul Haq Kakar in a group photo with UK investors. Photo via PM Office

Interim Prime Minister Anwaarul Haq Kakar has assured the United Kingdom investors of Pakistan’s commitment to the lender of last resort, the International Monetary Fund.

“The prime minister assured them that Pakistan had expressed its commitment to the IMF program by undertaking reforms committed with the IMF,” said a statement issued by the PM Office on Monday.

Senior leaders of London’s capital and financial market had called on caretaker PM Kakar at the Pakistan House in London. The notable investment firms represented at this gathering included Fidelity International Limited, Wellington Management, Ashmore, Jefferies International, Redwheel Capital, Switex Industrial SA, Oxford Frontier Capital, GuarantCo, JP Morgan, Kalrock Capital, and UBL UK.

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

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.

PM Kakar informed the delegation about Pakistan’s current economic landscape, highlighting government measures for external account improvement. He claimed that recent administrative actions strengthened the Pakistani rupee against the US dollar, fostering optimism for stability.

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 interim PM added.

He spoke about the potential for foreign direct investment in Pakistan’s key sectors and the positive impact of the stand-by arrangement with the IMF, exceeding expectations and stabilising the economy and currency.

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.

Furthermore, the PM highlighted Pakistan’s pro-investment efforts, introducing the Special Investment Facilitation Council. “This initiative, led by the PM himself, streamlines investment processes, attracts investments in key sectors, and fosters long-term growth by simplifying the business landscape.”

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