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Dr Waleed Al-Wohaib Chief Executive Officer of International Islamic Trade Finance Corporation calls on Federal Minister for Finance Senator Ishaq...

June 25, 2014

Dr Waleed Al-Wohaib Chief Executive Officer of International Islamic Trade Finance Corporation calls on Federal Minister for Finance Senator Ishaq Dar in Jeddah - Press Note issued by Press Information Department

Following is the text of press note issued by Press Information Department (PID)


A delegation of International Islamic Trade Finance Corporation (ITFC) led by Dr Waleed Al-Wohaib Chief Executive Officer (CEO) called on Federal Minister for Finance Senator Ishaq Dar on the sidelines of Islamic Development Bank (IDB) 39th meeting of Board of Governors here today.

The delegation showed keen interest in enhanced partnership with Pakistan after admitting that Pakistan economy has shown progress and its economic and financial policies have gained international credibility.

Other members of ITFC delegation comprised Engineer Hani Salem Sonbol Deputy Chief Executive Officer, Nazeem Noorali General Manager (Corporate and Structured Finance), Ramzi Usman Head of Asia and Khalid M Habib Manager Pakistan. From Pakistani side Consul General Aftab A Khokhar, Commercial Consular Abdul Wahab Soomro, Press Consular Sohail Ali Khan and Shoaib Akbar Vice Consul were present.

Finance Minister Senator Ishaq Dar while welcoming the delegation highlighted that present government is concentrating upon economic and social progress to strengthen the economy and enhance its inclusiveness.

He said that it has adopted strategies to overcome the country's macroeconomic challenges. The incumbent government is now in its second year and has embarked upon reforms agenda in economic and financial sector, he added.

CEO ITFC Dr Waleed Al-Wohaib said, ITFC is closely monitoring Pakistan and it has no doubts that it has visibly shown improvement at all levels. He congratulated Finance Minister for putting economy on track. ITFC is interested in enhancing its long term trade partnership with Pakistan in its endeavours to achieve its economic targets, he added.

The Minister thanked CEO ITFC for his comments and assured ITFC his fullest cooperation. He also highlighted the achievements made by the government of Prime Minister, Mohammad Nawaz Sharif. He said that the present government had developed a road map to overcome the security, economic and energy challenges being confronted by Pakistan.

He said that Pakistan had fixed a GDP growth target of 4-5% during the next financial year, taking it to 6-7% in the medium term. He stated that Pakistan had embarked upon a major reform programme that aims at fiscal stabilization, mobilizing domestic resources, phasing out subsides, restructuring the power sector and other public sector enterprises and strengthening the social safety nets.

He further said that after a period of 6 years, the country's economy will grow by over 4 percent this year. At the same time, inflation will remain in single digits. Growth in both agriculture and industry has revived. Fiscal performance is also improving with deficit brought down to below 6 percent from 8.8 percent when the government took office.

Federal Minister appreciated ITFC's contribution towards economic development in Pakistan and hoped that ensuing years would witness further enhancement of ITFC funding for projects in Pakistan in various sectors.

In the end, it was decided to have another meeting between Ministry of Finance and ITFC at official level during ongoing 39th IDB meeting and finalize a roadmap of enhanced cooperation between Pakistan and ITFC.

For more information, contact:

Haji Ahmed Malik

Principal Information Officer

Press Information Department (PID)

Tel: +9251 925 2323 and +9251 925 2324

Fax: +9251 925 2325 and +9251 925 2326



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Source: Pakistan Press International

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