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The meeting between US President George Bush and Pakistan's President Asif Ali Zardari may not immediately produce big economic dividends, but that is essentially what many analysts are looking to see as the ultimate source of success for the Pakistani head of state's visit to New York.
The meeting - a 30 minute encounter on the sidelines of the UN's general assembly session, comes as Pakistan comes with fast mounting challenges to its security, recently illustrated through the bombing of Islamabad's Marriott hotel.
That bombing which is now widely known as Pakistan's 9/11 for the powerful effect that it has had on many Pakistanis, unfortunately also promises to drive away many foreign investors.
At a time when Pakistan's economy remains inherently moribund, the success of the country's diplomacy is of pivotal value to its economy. The challenge facing Pakistan has become all the more acute. Zardari's meeting took place with Bush on a day when Moody's - the international investor service - once again downgraded Pakistan's rating. Other concerns include affairs such as the declining exchange rate of the rupee against the dollar and fast depleting investments from both the stock market as well as the broader sectors of the Pakistani economy.
To make matters worse, Pakistan must also reconcile with historically high global oil prices which have created a havoc for oil importing countries.
In an associated development, a fall in Pakistan's overall economic growth has further jeopardised the country's prospects at a time when it badly needed the engine of economic output to run faster than before. For many analysts, Pakistan has become a country which would remain on the backburner of the investors' world and will remain so for the foreseeable future.
But untangling the web of issues surrounding Pakistan's economic prospects essentially depends on both political and economic factors.
If the outcome of Zardari's meeting with Bush translates into more economic assistance for Pakistan, that gesture will of course have a salutary effect on Pakistan's overall well-being.
Pakistan desperately needs to fix its tax collection system, which has underperformed chronically.
This inefficient structure has then meant that one of the basic ingredients of a sustained and qualitatively improved economic growth has remained compromised.
On the other hand, the matter of public expenditure remains surrounded by much debate. To date, there are a number of public work projects of great significance that remain targeted with criticism for being at the centre of malpractices ranging from the award of lucrative contracts to the way the money was used.
Finally, the law enforcement environment has also been at the centre of concern for many investors. The fact that controversy lingers around the future of senior judges says much about an overall dilapidated system.
Unless Pakistan can demonstrate to investors that it has the ability to protect their investments, it would just not be able to meet its ambition of overseeing large investments flow in to the country.
It would be vital for Pakistan to receive new economic support from Washington. But once the flow of money is assured, it is absolutely vital for the government to prepare a new package of reforms.
Without a solid effort to reform the country from within, the latest support to Pakistan's economy may well become one of the many missed opportunities in the country's 61 year history.
- The writer is a journalist based in Pakistan.
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