Economic relief stressed to mitigate virus impact

Minister, SBP governor review country’s financial health

KARACHI: Federal Minister for Economic Affairs Makhdoom Khusro Bakhtiar has stressed the need for efficient economic relief for the masses, especially the vulnerable segment of society, to mitigate the socio-economic impact of the Covid-19 pandemic.

In a video conference between Bakhtiar and State Bank of Pakistan (SBP) Governor Reza Baqir, the two sides discussed the economy and financial health of the country amidst the ongoing crisis. The minister appreciated the key steps taken by the SBP to support the public and small businesses amid the economic crunch.

Bakhtiar and the SBP governor talked about the Prime Minister’s Global Initiative on Debt Relief to coordinate with the international community for compact economic response. They also discussed various announcements made by the multilateral donors that offered initial relief packages of $1.4 billion (International Monetary Fund) and $1 billion (World Bank) to Pakistan.

Both officials agreed on the proposed global initiative that would lay the foundation for an urgent debt relief to the developing countries and the initiative was built on the prime minister’s belief that enhanced fiscal capacity had been fundamental for recovering from the ongoing crisis.

At the conclusion of the meeting, the SBP governor lauded efforts of the ministry to coordinate with the international donors for assistance in order to mitigate the socio-economic impact of the pandemic on the country.

Published in The Express Tribune, May 15^th, 2020.

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