Dr Sheikh meets leaders of major institutions, countries

Finance Minister Dr Abdul Hafeez Shaikh met with leaders of major financial institutions and countries and discussed cooperation for Pakistan’s development on the sidelines of the International Monetary Fund-World Bank meetings on Thursday in Washington.
The finance minister had a detailed meeting with first deputy managing director of IMF David Lipton, discussing various aspects of cooperation with the Fund. He also discussed cooperation with World Bank team for Pakistan in health, education, infrastructure and economic development areas. Earlier, the minister attended a meeting of commonwealth finance ministers and spoke about collaboration within the body and its important role in training.
Wide ranging discussions: He also met with prime minister of the Bahamas, Hubert Ingraham, who is chairing the annual IMF-World Bank meetings this year. He also discussed advancing economic cooperation with his Saudi Arabian counterpart Dr Ibrahim Al-Asaf. They covered various areas including trade and investment opportunities and agreed on the need for joint ministerial commissions to meet more regularly to impart further vigor to bilateral relations. The Saudi minister expressed his country’s interest in investment opportunities in agriculture and energy sectors. Besides, Saudi Arabia has also helped Pakistan in import of fertilisers.
Shoulder-to-shoulder with Afghanistan: While speaking at an event, “Transition and Resource Corridor in Afghanistan,” co-chaired by the World Bank and Afghanistan during the IMF-WB meetings, the minister said Pakistan stands by Afghanistan as it navigates through transition after a decade-long war and prepares a platform for realising its economic potential in line with aspirations of the Afghan people. He said regional economic development must progress on the foundations of realism, practicality, private sector participation and institutional arrangements. Two decades ago, a conflict in Afghanistan was won but peace was lost and the world has paid a heavy price. Let’s ensure that this time peace is won. “We will cooperate with sincerity and enthusiasm to promote regional development and through it help bring prosperity to Afghanistan.”
He said history teaches peace, security and regional integration were critical to sustaining development. Islamabad, for its part, is committed to facilitating progress towards these objectives. He said he has worked hard with his Afghan counterpart Dr Omar Zakhilwal to promote trade, investment and business activity.
Islamabad’s lending hand: Our trade has crossed $1 billion and despite budgetary constraints Islamabad has committed $330 million for development of health, infrastructure and education sectors in Afghanistan, he said while referring to Pakistan’s efforts to assist its conflict-hit western neighbour. Pakistan is also crucially contributing to expansion in Afghan trade with the international community. In this respect, a landmark development has been the realisation of the new transit trade agreement that allows landlocked Afghanistan to truck its products all across Pakistan to Wagah border with India on the east as well as to other countries through ports of Gwadar and Karachi. Additionally, rail and road links are being upgraded. He said it would help make Afghanistan a central location for trade and economic activity between South and Central Asia. In the field of energy, regional initiatives, including Turkmenistan-Afghanistan-Pakistan-India gas pipeline and CASA 1000 MW electricity grid project are also being pursued.