Caretaker PM reiterates Pakistan’s commitment to IMF programme

LONDON  -  The investors of the United King­dom’s capital and financial market in a meeting with Caretaker Prime Minister Anwaarul Haq Kakar on Monday expressed their keen inter­est in exploring investment opportu­nities in Pakistan.

The leaders of the notable invest­ment firms who met the prime min­ister in London included Fidelity International Limited (FIL), Wel­lington Management, Ashmore, Jefferies International, Redwheel Capital, Switex Industrial SA, Ox­ford Frontier Capital, GuarantCo, JP Morgan, Kalrock Capital, and UBL UK. Prime Minister Kakar informed the delegation about Pakistan’s current economic landscape, highlighting govern­ment measures for external ac­count improvement. 

He said that recent adminis­trative actions strengthened the Pakistani rupee against the US dollar, fostering optimism for stability. He said positive indi­cators, including inflows from the World Bank, Asian Develop­ment Bank, and friendly nations, contributed to reduced inflation, stabilized reserves, and revival of industrial growth.

The prime minister spoke about the potential for foreign direct investment in Pakistan’s key sectors and the positive im­pact of the Stand-By Arrange­ment (SBA) with the IMF, exceed­ing expectations and stabilising the economy and currency.

He also highlighted econom­ic improvements such as re­duced inflation with expected sustained decline, and upcom­ing growth in agriculture and in­dustry. He mentioned improved trade after removal of restric­tions on imports and fiscal mea­sures for monetary support and medium-term inflation targets.

The prime minister highlighted Pakistan’s pro-investment efforts, introducing the Special Invest­ment Facilitation Council (SIFC). This initiative, led by the prime minister himself, streamlines in­vestment processes, attracts in­vestments in key sectors, and fosters long-term growth by sim­plifying the business landscape. The British investors enquired about the continuity of the Inter­national Monetary Fund (IMF) programme in Pakistan and re­form efforts from short to medi­um term. The prime minister as­sured them that Pakistan had expressed its commitment to the IMF programme by undertaking reforms committed with the IMF.

PM urges British fashion firm to open buying house in Pakistan

Caretaker Prime Minister An­waar-ul-Haq Kakar on Monday, highlighting Pakistan’s pro-in­vestment policies and facilities, urged the UK-based Boohoo Group to consider opening buy­ing houses in Pakistan.

The prime minister, in a meet­ing with leading British busi­nessman and co-founder and Executive Chairman of Boohoo Group Abdullah Kamani, empha­sised the advantages of invest­ment in Pakistan and extended an invitation to Boohoo Group to send a buying delegation to Paki­stan for enhanced collaboration.

In the meeting, Kamani ex­pressed keen interest in estab­lishing long-term buying link­ages with Pakistan and the ambition to create a comprehen­sive supply chain in the country, encompassing organic cotton to apparel production. They also hoped for improved Pakistan-UK air connectivity to facilitate in­creased imports from Pakistan.

Prime Minister Kakar con­veyed Pakistan’s commitment to facilitating investment and offered support in establishing manufacturing facilities within the country, particularly within Special Economic Zones (SEZs). 

The meeting marked a sig­nificant step towards enhanc­ing economic cooperation and trade between Pakistan and the firm. Boohoo Group is a prom­inent British online fashion re­tailer with annual sales exceed­ing one billion pounds, with a wide range of popular brands in­cluding boohooMAN, Pretty Little Thing (PLT), Miss Pap, Karen Mil­len, Coast, Oasis, and Debenhams.

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