P.M. Briefing : Pakistan to Woo Investment

The government intends to abolish exchange controls and slash tariffs on imports as part of a radical economic reform program, Finance Minister Sartaj Aziz said today.

Within three to four months there will be a major liberalization of exchange controls, provided the nation’s foreign exchange reserves are at an adequate level, he said. “We are going to reduce gradually and ultimately abolish exchange controls,” said Aziz, who described the plan as a “calculated risk.”

The uncertainty created by the Persian Gulf crisis could eventually benefit Pakistan as Middle Eastern investors look for a more secure home for their capital, the minister said. “Don’t forget that after Lebanon, there were people looking for somewhere to put their money,” Aziz said.