Finance minister Muhammad Aurangzeb has invited Oman to enhance investments in Pakistan, state media reported on Friday, as the South Asian country struggles to meet external financing needs as part of a $7 billion bailout loan that is pending approval by the International Monetary Fund (IMF) executive board.
Aurangzeb has said in recent weeks Pakistan will focus on meeting its external financing needs by speaking with foreign governments and lenders to draw foreign investment as well as seeking loan rollovers. The government is also seeking to focus on more sustainable forms of external financing such as direct investment and climate financing.
Pakistan and the IMF reached an agreement for the 37-month loan program in July. The IMF has said the program is subject to approval from its executive board and obtaining “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.”
On Thursday, Aurangzeb held a virtual meeting with the chairman of the Pak Oman Investment Company Limited, Juland Jaifer Salim Al-Said, “to discuss ways for expanding business collaborations and enhancing investment and trade flows between the two brotherly countries.”
The minister provided an in-depth overview of Pakistan’s current economic situation, emphasizing progress made in stabilizing the economy and fostering a conducive environment for business and investment.
“Aurangzeb said the government is determined to push ahead with its reform agenda to facilitate the private sector, promote businesses and provide a secure and friendly investment climate,” Radio Pakistan reported.
