New York, September 29, 2015 (PPI-OT): Federal Minister for Finance Senator Mohammad Ishaq Dar met Chairman Exim Bank, Fred p. Hochberg here on Monday. He was accompanied by Ambassador Jalil Abbas Jilani and Consul General, New York, Raja Ali Ejaz.
Finance Minister Dar briefed Chairman Hochberg on the positive outlook of Pakistan’s economy which he said has been on a consistent positive trajectory since the current government introduced vital economic reforms two years ago. He told Mr. Hochberg that the last two years have proved helpful in uplifting the economy of the country. The GDP growth was recorded at 4.24% while the government has managed to bring down fiscal deficit to 5.3% from a high of 8.8%, he added.
The Minister said that it was due to the better economic policies of the government that Rating Agencies including Standard and Poor and Moody’s have raised Pakistan’s economic outlook from negative to positive. It is a recognition of Pakistan’s robust economic performance and that foreign exchange reserves are at record high and currently exceed US $18.5 billion.
Chairman Hochberg appreciated Pakistan’s positive economic performance over the past two years. He also advised the Finance Minister that Exim Bank’s case for authorizing its activity was pending with the Congress and would hopefully be concluded soon.
He said that once decision is made by the Congress, Exim Bank would be looking forward to working with Pakistan on projects of mutual benefit to both countries, in continuation of an established age old relationship. He further said that if Exim Bank is then approached for financing the 3600 MW LNG project by GE, the Bank would consider providing the financing options. Both sides re-affirmed their resolve to keep up the spirit of close cooperation.
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