By Syed Mussarat Khalil

Saudi Gazette

JEDDAH — Pakistan’s Minister for Economic Affairs Mohammad Hammad Azhar held an important meeting with the President of the Islamic Development Bank (IDB) Dr. Bandar Al Hajjar here Thursday.

“During the meeting, the minister underscored the important role played by IDB in funding vital economic projects in Pakistan including the current 5 ongoing project,” said Arshad Munir, consular (press) at Consulate General of in a press statement.

The minister impressed upon the IDB chief to scale up the bank’s portfolio in Pakistan, which is one of the largest economies in the Islamic world. Azhar proposed restoration of IDB’s budgetary support program in Pakistan through budgetary financing facilities that will strengthen the country’s exchange reserves.

Azhar, citing the ongoing vital economic projects in the country and the strategic geo-political location of Pakistan, invited the IDB chief to establish the Bank’s Regional hub & Gateway office in Islamabad.

He said that the World Bank and the ADB have their regional offices in Islamabad. He also asked the President to include Pakistan in its country support program.

IDB President welcomed the Pakistani minister and said that the IDB attaches great importance to Pakistan, which is an important member of the Organization of Islamic Cooperation (IOC).

Dr. Al-Hajjar said the IDB welcomes the core suggestions for revitalization of IDB and will mount a mission, to further progress on issues of policy matters under reference. The president also revealed that he had visited Pakistan earlier and held important meetings.

He expressed satisfaction on economic policies of Pakistan, and said that Pakistan has been placed in country support program by IDB.