Finance Working Group meeting: reaffirm continued cooperation

The United States and Pakistan have reaffirmed their commitment to economic co-operation, as
Finance Minister Ishaq Dar discussed wide-ranging strategic relations with Deputy Secretary
William J Burns and Under Secretary of State for Economic Growth, Energy, and the
Environment Catherine Novelli.
Finance Minister Dar and Under Secretary Novelli convened the Economic and Finance
Working Group of the US-Pakistan Strategic Dialogue to discuss Pakistan''''s economic reform
efforts, look at ways to increase bilateral trade and investment, and identify specific steps where
innovation and technology could improve co-operation and Pakistan''''s competitiveness in the
global economy.
The two delegations discussed Pakistan''''s ongoing efforts to bolster macroeconomic stability
and growth. "Over the past year, Pakistan has reduced energy subsidies and taken steps to control
its fiscal deficit. Major structural reforms, including in the energy sector, remain necessary to
help create strong growth and generate jobs," the State Department noted after the meeting.
Pakistan highlighted its intention to continue working closely with the International Monetary
Fund (IMF) to maintain progress on the reform agenda. "The two countries agreed to continue
their co-operation in these areas." Minister Dar discussed Pakistan''''s energy reforms, which
would encourage increased U.S. investment in renewable energy. Specifically, Under Secretary
Novelli highlighted US Agency for International Development (USAID) and Overseas Private
Investment Corporation (OPIC) support for the expansion of clean and renewable energy in
Pakistan, and recent progress on several wind farms that will be financed by OPIC.
Both sides agreed to convene the next Energy Working Group in Pakistan in early 2015 in order
to align our policy, assistance, and private sector engagement to support Pakistan''''s energy
reform efforts and power generation capacity. "The United States noted Pakistan''''s progress
toward its first liquefied natural gas imports, groundbreaking on Dasu Dam, and continued
distribution company reforms."
Earlier, at an event organised by USAID and the US-Pakistan Business Council, Minister Dar
and Minister for Water and Power Khawaja Muhammad Asif highlighted potential business
opportunities with the Diamer Bhasha hydroelectric dam to an audience of US companies and
investors.
The meeting complements other US-Pakistan energy co-operation efforts that will have added
1400 megawatts to Pakistan''''s grid by the end of this year, benefiting nearly 16 million
Pakistanis. Both sides noted progress on implementing Prime Minster Nawaz Sharif and
President Obama''''s pledge to expand bilateral trade and investment over the next five years.
Pakistan will host the next US-Pakistan Business Opportunities Conference in Islamabad in early
2015, and both countries will look at ways to increase opportunities for women entrepreneurs.