Finance Minister meets with IFC Executive Vice President

Finance Minister meets with IFC Executive Vice President

Finance Minister Muhammad Ishaq Dar held a very cordial and productive meeting with the Executive Vice President (EVP) of International Finance Corportaion (IFC), Jin Yong Cai at Washington DC.

The IFC EVP said that the Corporation was planning to set up a company in South Asia for infrastructure projects, which will specially benefit the energy sector of Pakistan.

The Finance Minister briefed Mr. Cai about the remarkable economic recovery achieved in the first eight months of the government and said all macroeconomic indicators are upbeat.

The head of IFC expressed keen interest in issuance of the Pakistani rupee bond and setting up currency swap line. He said the IFC wanted to establish an international Pak Rupee program, which will protect local businesses from exchange volatility. The IFC was envisioning interest from investors from other countries in Pakistan including China. Mr. Cai expressed his keen desire to assist Pakistan towards initiation of the ILO/IFC “Better Works Program.”

On Finance Minister’s request for early initiation of the ILO/ IFC Better Works Program in Pakistan to offset the Disney decision to discontinue outsourcing to Pakistan, Mr Cai responded very positively, and assured that the IFC would be happy to facilitate towards this subject to Pakistan meeting the required codal formalities required towards its initiation for which the ILO needed to be taken on board.

Minister Dar informed that Pakistan’s Permanent Representative at Geneva had already met DG ILO and the two formalities indicated towards ensuring security to the ILO personnel carrying out this Program in Pakistan and taking the four Provinces on board with respect to ownership and absorption of the Better Works Program would be readily met by the Government of Pakistan.

Mr Cai assured the delegation that all possible steps would be taken to ensure the early initiation of this Program in Pakistan and that his office would coordinate and work with the Embassy of Pakistan towards this end.