Islamabad, Sep 6: State media said on Friday that Pakistan’s finance minister, Muhammad Aurangzeb, had extended an invitation to Oman to increase investments in the country. Pakistan is currently facing financial difficulties and is in the process of obtaining a $7 billion bailout loan from the International Monetary Fund (IMF) executive board.
According to Aurangzeb, Pakistan would concentrate on obtaining the external funding it needs in the coming weeks. To this purpose, the country will communicate with international governments and lenders to entice foreign investment and pursue loan rollovers. Additionally, the government is attempting to concentrate on more environmentally friendly sources of outside funding, like direct investment and climate finance.
The 37-month loan program was agreed upon by Pakistan and the IMF in July. According to the IMF, getting “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners” and the executive board’s approval are the only things holding the program up.
The head of the Pak Oman Investment Company Limited, Juland Jaifer Salim Al-Said, and Aurangzeb convened virtually on Thursday “to discuss ways for expanding business collaborations and enhancing investment and trade flows between the two brotherly countries.”The minister gave a thorough summary of Pakistan’s present economic status, highlighting the country’s achievements in stabilizing the economy and creating an atmosphere that is favorable to investment and enterprise.
According to Radio Pakistan, “Aurangzeb stated that the government is committed to moving forward with its reform agenda to support the private sector, encourage enterprises, and create a safe and welcoming investment climate.”
The Finance Minister emphasized the noteworthy progress made in the past several months to stabilize the economy and set it up for long-term prosperity. Along with a number of structural reforms implemented in different economic sectors, such as energy, taxation, privatization, and government downsizing, he also highlighted the advancements noted in a number of macro and microeconomic indicators of the economy.
The goal of these reforms is to allow the private sector to drive growth while the government acts as a facilitator in this process. According to Radio Pakistan, Oman sees Pakistan as a “brotherly country and a potential place for business and investment,” according to the chairman of Pak Oman Investment Company.
According to Radio Pakistan, “he expressed hope that there would be more business collaborations due to the opening up of more investment opportunities in Pakistan in the wake of ongoing economic reforms.” On October 13–14, in Muscat, there will be the inaugural Pakistani Business Expo.
Aurangzeb stated in July that Pakistan is in discussions with China, Saudi Arabia, and the United Arab Emirates to cover its gross funding needs under the IMF program. This came after Aurangzeb visited China to pursue debt reprofiling for the energy industry. In addition to funding from the IMF, Pakistan has previously been assisted in meeting its external financing needs through loan rollovers or disbursements from its steadfast friends.
