KARACHI: Caretaker Finance Minister Dr. Shamshad Akhtar on Saturday held a meeting with the top official Kuwait’s agency responsible for extending economic assistance to developing nations to discuss the possibility of fostering financial partnership.
Pakistan has witnessed tough economic circumstances lately, with the COVID-19 pandemic and last year’s monsoon floods creating intense challenges for the country’s weak financial system which led to a major drop in its forex reserves and rapid depreciation of national currency.
Pakistan was said to be on the verge of a sovereign debt default earlier this year before it managed to secure a $3 billion bailout package with the help of its Middle Eastern allies like Saudi Arabia and the United Arab Emirates.
As the government tries to bolster the national economy by seeking foreign investment, its reliance on the Gulf countries has increased even more significantly.
“The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, met the Director General Kuwait Fund for Development (KFD), Mr. Waleed Al Bahaar, on the sidelines of annual meeting of [the World Bank and International Monetary Fund],” her team at the ministry announced in a social media post.
“The discussions focused on strengthening economic cooperation and fostering financial partnerships between Pakistan & Kuwait, in order to bolster economic prosperity and development,” it added.
The finance minister is currently visiting Morocco to attend the annual meeting of the two top global lending agencies.
She has also held several meetings with international business leaders and officials of several other states on the sidelines to brief them about investment opportunities in her country.
