Tarin reiterates commitment to achieve macroeconomic stability

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmad Tarin on Tuesday reiterated government’s firm commitment in undertaking reforms to achieve macroeconomic stability, build fiscal resilience and stimulate economic recovery amid and post COVID-19 scenarios.

The minister during a virtual meeting with Managing Director (Operations), World Bank, Axel van Trotsenburg, shared a brief overview of the current economic situation and outlined several initiatives taken to accelerate economic recovery during COVID-19 pandemic.

Among others, Federal Minister for Economic, Affairs Division Omar Ayub Khan; Minister for Power Muhammad, Hammad Azhar; SAPM on Power, Tabish Gauhar; SAPM on Revenue, Dr. Waqar Masood; Secretary Finance Division, Secretary Power, Secretary Economic Affairs Division, Chairman FBR and other senior officers of the Finance Division participated in the meeting.

Governor State Bank of Pakistan Reza Baqir joined through a video link, according to statement issued by the Finance Ministry.

Pakistan converted Current Account Deficit into surplus by adhering to a strict financial discipline, he said and highlighted measures to be taken for effective resource mobilization, enhancing productivity and strengthening financial management in future.

He said the World Bank had always been a source of support in pursuing reform agenda and implementing various development projects for the country. He thanked the Managing Director (Operations), World Bank (WB) and his team for their continuous support and facilitation.

He acknowledged the longstanding partnership and firm commitment of the World Bank as a major development partner for bringing essential reforms in priority areas including energy, fiscal and debt management and socio-economic development.

On the occasion, the Minister for Energy Muhammad Hammad Azhar briefed about the efforts underway in the energy sector for bringing efficiency into the system by eliminating inefficient power plants to improve service delivery.

The Special Assistant to Prime Minister on Power Tabish Gauhar underlined the reforms introduced in the power sector to make it dynamic and sustainable. He reiterated government’s firm resolve in achieving efficiency in production as well as transmission of electricity.

Federal Minister for Economic Affairs Division updated the World Bank Managing Director (MD) on steps being taken to build resilient institutions as well as investment in human capital.

On the occasion, the MD WB reiterated support for overcoming challenges in the energy sector and lauded the socio-economic coverage extended to the marginalized sections of the society during Coronavirus pandemic.

He re-affirmed bank’s commitment to continue support for the implementation of structural reforms in future on the occasion.