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Pakistan says several projects will lead to higher growth
Pakistan has expressed the hope that ongoing China-Pakistan Economic Corridor (CPEC) projects, improved security situation and growth in private sector credit off-take, especially fixed investments, would lead to a sustained and inclusive higher growth trajectory for the country in coming years.
A high-level Pakistani delegation expressed this hope during various bilateral discussions on the sidelines of the International Monetary Fund/World Bank annual meetings, according to a press release issued here on Saturday, according to The Express Tribune.
The delegation, comprising Finance Secretary Shahid Mahmood, State Bank of Pakistan (SBP) Governor Tariq Bajwa and Economic Affairs Division Secretary Arif Ahmed Khan, was participating in the 98th ministerial meeting of G-24 in Washington DC.
The delegation met IMF Deputy Managing Director Mitsuhiro Furusawa, US Treasury Deputy Assistant Secretary Michael Kaplan and International Fund for Agriculture Development (IFAD) President Gilbert Houngbo, besides attending a number of other events.
The delegation discussed the current economic situation in Pakistan, the release said, adding positive economic developments taking place in the country, particularly the highest economic growth rate in the last 10 years along with contained inflation, were highlighted.
Referring to the main challenges facing the economy, they mentioned that the current account deficit was partly driven by higher machinery imports which in coming years should add to the growth momentum of the economy through increased economic activity.
However, the external account situation was being closely monitored and steps were being taken to address it, the delegation members said.
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