Finance Minister Says Pakistan Is Open To FDI From US Companies
According to Finance Minister Muhammad Aurangzeb, Pakistan is open to foreign direct investment from American companies and is getting ready to issue its first panda bond, which is anticipated to cost between $200 and $250 million later this year.
During his week-long trip to the United States to attend the World Bank and International Monetary Fund spring meetings, he was interviewed by Bloomberg News.
According to the minister, Pakistan wants to boost its imports from the United States, such as cotton and soybeans, and is trying to get rid of non-tariff barriers to avoid the high tariffs that were put in place under previous President Donald Trump’s administration. In order to further open its markets to American goods, he noted, Pakistan is also in talks to remove non-trade restrictions.
In an attempt to close the trade gap between the two nations, Muhammad Aurangzeb announced that a trade delegation would be traveling to Washington in the upcoming months.
According to him, Pakistani officials are working to revive the economy, which just missed going into default in 2023, and have received preliminary clearance for a $2.3 billion IMF loan that will give them financial stability through 2027.
The minister also pointed out that Fitch raised its credit rating for Pakistan last week, indicating greater assurance that the nation can maintain reforms under the IMF loan program.
