ISLAMABAD: Turkish Foreign Minister Hakan Fidan on Sunday arrived in Islamabad on a two-day official visit to Pakistan, the Pakistani foreign ministry said, amid efforts by the South Asian country to boost foreign direct investment.
Islamabad has seen a flurry of high-level exchanges from diplomats and business delegations in recent weeks from Saudi Arabia, China, Japan, Azerbaijan, Qatar and other countries.
Pakistan Prime Minister Shehbaz Sharif has vowed to rid the country of its chronic macroeconomic crisis through foreign investment and efficient handling of the economy.
Upon arrival in Islamabad, Pakistan’s Additional Foreign Secretary Ambassador Ahmed Naseem Warraich received the Turkish foreign minister.
“Foreign Minister Hakan Fidan will call on Prime Minister Muhammad Shehbaz Sharif and hold extensive discussions with Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar,” the Pakistani foreign ministry said in a statement.
“The two sides will review the state of bilateral relations and assess preparations for upcoming high-level engagements between the two countries.”
Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation, completed a short-term $3 billion International Monetary Fund (IMF) program in April that helped stave off a sovereign default last year.
However, the South Asian country is still dealing with a high fiscal shortfall and while it has controlled its external account deficit through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2 percent this year, compared to negative growth last year.
Pakistan has to meet a primary budget deficit target of Rs401 billion ($1.44 billion), or 0.4 percent of its gross domestic product, for the current fiscal year before the government presents its budget in June. The country is already in talks with the IMF for a fresh, longer-term bailout.