PR No. 230 Finance Minister Senator Ishaq Dar Met with US Treasury Secretary Mr. Steven T. Mnuchin Islamabad: April 25, 2017

Finance Minister Senator Mohammad Ishaq Dar called on Treasury Secretary Mr. Steven Mnuchin and briefed him about the economic development since 2013. Finance Minister informed Treasury Secretary that Pakistan, for the first time in its history has completed an IMF Program which has put economy on solid footing. He said that after the recovery period, now the economy is ready for sustained and inclusive growth.

Finance Minister stated that as a result of prudent economic policies, the fiscal deficit has come down from 8.2% in 2013 to 4.5% in 2016. Similarly, the foreign exchange reserves have gone up to over $21 billion which is over 04 months of our import bill. He said Pakistan is now eligible for IBRD loans which is providing us much needed fiscal space for development projects.

While responding to a question from Treasury Secretary about efforts being made by the Government to control the menace of terrorist financing, Finance Minister said that the Government of Pakistan is firmly committed to eliminate terrorism in all its manifestations. He shared the details of Operation Zarb-E-Azab with Treasury Secretary and stated that the Government is spending huge sum of money not only on the operational side but also to rehabilitate internally displaced persons. Moreover, the Government is enforcing legal controls to prevent misuse of banking channels to avoid flow of funds to terrorist organizations.

US Treasury Secretary Mr. Munchin appreciated the recent turnaround witnessed by the Pakistan’s economy and efforts made by the Govt. to control terrorist financing. He observed that both the countries should work together to curb this menace.

Finance Minister Dar further said that we look forward to working with the new US Administration not only in economy but also in other areas. He reiterated that there is a greater need to work closely with each other for mutual benefit.