British investors meet PM Kakar

London: Interim Prime Minister Anwaarul Haq Kakar stated on Monday that the Stand-by Arrangement (SBA) with the International Monetary Fund (IMF) and the potential for foreign direct investment in Pakistan's key sectors were helping to stabilize the economy and currency.

The PM was speaking to a delegation of prominent figures from London's capital and financial market, who had met him at Pakistan House in London.

Kakar briefed the team on Pakistan's present economic situation, emphasizing government efforts to strengthen the country's external balance. According to him, recent administrative decisions made the Pakistani rupee stronger versus the US dollar, encouraging hope for stability.

The prime minister said that encouraging signs, such as contributions from friendly nations, the World Bank, and the Asian Development Bank, helped to lower inflation, revive industrial growth, and stabilize reserves.

Kakar also emphasized forthcoming growth in the agricultural and industrial sectors, as well as economic developments including lower inflation with an anticipated prolonged drop. He also emphasized fiscal initiatives for monetary assistance and medium-term inflation objectives, as well as enhanced trade following the lifting of import barriers.

The PM introduced the Special Investment Facilitation Council (SIFC) and emphasized Pakistan's pro-investment initiatives. "This initiative streamlines investment processes, attracts investments in key sectors, and fosters long-term growth by simplifying the business landscape," he continued.

Representatives from well-known investment companies, including Fidelity International Limited (FIL), Wellington Management, Ashmore, Jefferies International, Redwheel Capital, Switex Industrial SA, Oxford Frontier Capital, Guarant Co, JP Morgan, Kalrock Capital, and UBL UK, made up the delegation.

The British investors expressed their keen interest in exploring promising investment opportunities in the financial and capital market of Pakistan, reflecting a growing mutual interest in expanding economic collaboration. They also enquired about the continuity of the IMF programme in Pakistan and reform efforts from short to medium term.

Prime Minister Kakar assured them that Pakistan had expressed its commitment to the IMF programme by undertaking reforms committed with the IMF.