Pakistan takes effective measures to put economy back on track- Minister

Pakistan’s Federal Minister for Finance Ishaq Dar, says  his country has been taking effective measures to put the economy back on track amid unprecedented challenges.

The minister said this while addressing a seminar titled: “Islamabad Security Dialogue 2023”.

He said short, medium and long-term programmes for all sectors of the national economy were being initiated to enhance the competitiveness of the national economy and strengthen local footprints in regional and global economies.

Dar said that challenges included high inflation, increasing trend of commodities in global markets and shrinking fiscal space.

He added that measures aimed at developing and creating a more inclusive and equitable society were being implemented to promote social welfare and alleviate poverty.

Talking about the unprecedented floods in 2022, the minister said the floods had affected all sectors of the national economy and inflicted losses of over 31 billion U.S. dollars.

“The United Nations agencies and other development partners estimated that Pakistan will require about 16.3 billion U.S. dollars for reconstruction and rehabilitation,” he said.

He also said that the government had banned the import of luxury items and tightened the monetary policy to control rising inflation.

“It was also striving to attract investment in the country with economic diplomacy to develop the national economy and strengthen relations with other countries.

“Economic security remained key for Pakistan’s ability to strengthen its national security and continuity of economic growth and ensure lowing of input cost and success of its internal reforms,” he added.

(Xinhua/NAN)