ISLAMABAD: As the new government began to seek a fresh loan to end its economic woes, Prime Minister Shehbaz Sharif and US Ambassador to Pakistan Donald Blome held a meeting to discuss economic reforms through the International Monetary Fund (IMF) among other key issues. problems.
Ambassador Blome called on Prime Minister Shehbaz on Friday to discuss a wide range of bilateral issues, including a partnership with the newly formed government on regional security, US mission acting spokesman Thomas Montgomery said in a statement.
The meeting took place as Islamabad entered the stage of negotiations with the global lender for the final review meeting on the $3 billion Contingency Agreement (SBA). If the negotiations are successful, the IMF will release a final tranche of around $1.1 billion to Pakistan.
They also subsequently discussed “US support for continued economic reforms with and through the IMF, trade and investment, education, climate change and private sector-led economic growth,” Montgomery added.
The US envoy also expressed Washington’s support for Pakistan’s democracy and the crucial role of an independent press.
The two sides also discussed how the two countries can work together to accelerate projects dealing with climate change under the US-Pakistan Green Alliance.
To tackle the country’s economic woes, Prime Minister Shehbaz Sharif issued a call for decisive action. Emphasizing a dual approach to policy reform and harnessing the country’s abundant natural and agricultural resources, the Prime Minister laid out a comprehensive plan to steer the nation towards economic rejuvenation.
According to the prime minister’s directive, priority initiatives include increasing the tax-to-GDP ratio, curbing electricity smuggling and theft, and protecting state-owned enterprises from losses through effective management and potential privatization.
Central to this strategy is the acceleration of efforts under the Special Investment Council (SIFC) to accelerate the economic recovery. Headed by the Prime Minister, this council aims to streamline investment processes and promote an enabling environment for business growth.
In addition, the PM directed the Petroleum Division to increase exploration and production of gas in line with the strict guidelines outlined in the strict gas policy. This policy not only seeks to increase domestic energy reserves, but also encourages investment in undersea oil and gas reserves, thereby stimulating economic activity and job creation.
The pivotal role played by the Special Investment Facilitation Council (SIFC) in approving a tight gas policy underscores the government’s commitment to providing attractive incentives for exploration and production companies and fostering a climate conducive to sustainable economic development.
