Islamabad, Dr. Shamshad Akhtar, the Federal Minister for Finance, Revenue, and Economic Affairs, presided over a significant meeting of the Donor Coordination Committee (DCC) in Islamabad, where international development partners reiterated their commitment to Pakistan’s economic growth.

According to the Press Information Department, the meeting, held on November 20, 2023, at the Ministry of Economic Affairs, highlighted the critical support of international development partners to Pakistan amid external economic challenges. Dr. Akhtar applauded the successful review of the IMF staff level agreement, underscoring the government’s commitment to macroeconomic adjustment and reform. She reported optimistic signs of economic recovery, with projected GDP growth of 2 to 2.5% in fiscal year 2024, an increase from the previous year’s 0.5%.

The Minister outlined the government’s active pursuit of reforms in various areas, including fiscal consolidation, monetary policy, and social safety nets, while acknowledging the challenges faced by vulnerable households. Representatives from various international agencies, including the World Bank, EU, ADB, USAID, UNDP, Germany, Japan, WFP, IsDB, and IFAD, congratulated Pakistan on the IMF review and pledged their continued support.

The Minister emphasized the need for cooperation in tracking off-budget support and highlighted the critical need for timely disbursement of committed support, particularly in light of the devastating floods in Sindh and Balochistan. The upcoming CoP-28 was discussed, with a call for optimizing the capital of Multilateral Development Banks (MDBs) and exploring debt-for-nature and debt-for-social development swaps to meet climate finance targets.

The meeting saw the participation of ambassadors from Italy, Japan, and Kuwait, along with representatives from major donor agencies and diplomatic missions from countries like the United States, Republic of Korea, France, Denmark, and China. High-ranking officials from the European Union, Canadian High Commission, United Nations, and Australian High Commission also attended, alongside senior officials from the Ministry of Economic Affairs.

The gathering concluded with a unified commitment from development partners to continue dialogue and cooperation in supporting Pakistan’s economic development.