ISLAMABAD: Pakistan urged Turkish companies on Tuesday to explore medium- to long-term investment partnerships as its economy shows signs of stabilization after years of crisis, according to an official statement released after the launch of a bilateral economic cooperation report in Istanbul.
Pakistan endured a prolonged period of economic turmoil in recent years that saw its foreign currency reserves plunge, the national currency weaken sharply and inflation peak at nearly 38 percent in mid-2023.
However, the situation improved as the country started implementing structural reforms recommended under a loan program with the International Monetary Fund, aimed at restoring macroeconomic stability. The adjustments helped moderate inflation into single digits, rebuild reserves and prompt upgrades to Pakistan’s sovereign credit outlook by major rating agencies.
Pakistan’s envoy to Türkiye highlighted these factors while addressing Turkish businesses at the ceremony.
“Ambassador of Pakistan to Türkiye, Dr. Yousaf Junaid outlined Pakistan’s phenomenal economic stabilization, including improved currency stability and investor-friendly reforms by the current government,” the country’s embassy in Ankara said in a statement.
