French envoy Nocholas Galey praises Pakistan’s economic reform agenda

ISLAMABAD, Nov 12 (SABAH): French Ambassador Nocholas Galey called on Finance Minister Muhammad Aurangzeb in Islamabad on Tuesday.

During the meeting, issues of mutual interest, including bilateral cooperation and collaboration in trade, commerce and socio-economic sectors, were discussed.

The Minister shared with the French Ambassador an update on the state of the economy and the significant improvement manifested in macroeconomic indicators during the last 14 months. He said the management of twin deficits, a stable currency, surging remittances and a steady rise in foreign reserves can provide Pakistan enough room to access the international capital market in coming months for enhanced institutional flows.

Muhammad Aurangzeb stressed that the wide-ranging reforms undertaken in various sectors, particularly in taxation, energy, privatization and governance, are a work in progress, for an export-led growth and encouraging Foreign Direct Investment that generates exportable surplus.

The French Ambassador appreciated the government’s reform agenda and the macroeconomic stability achieved on various economic fronts.

Nocholas Galey also appreciated the government’s resolve to stay the course and ensure permanence to macroeconomic stability by meeting the structural benchmarks agreed with the IMF.