Building human capital for country’s uplift: Bakhtiar

Federal Minister for Economic Affairs Makhdoom Khusro Bakhtiar on Friday said that the incumbent government is committed to build human capital for the development and prosperity of the country.

The economic affairs minister made these remarks while representing Pakistan at a Ministerial Conclave: ‘Investing in Human Capital in the Time of Covid-19’, organised by the World Bank Group (WBG) on the sidelines of the joint 2020-Annual Meetings of the WBG and International Monetary Fund in virtual format, according to a statement issued by Ministry of Economic Affairs.

The objective of the conclave was to bring together ministers of finance and planning from the 78 Human Capital Project (PCP) countries and selected development partners to share experiences and inspire further action on mobilising and safeguarding resources to protect and invest in people amid the pandemic.

WBG Vice President Mamta Murthi chaired the conclave while David Malpass, the president of the WBG, delivered the opening remarks at the occasion.

The federal minister, while speaking on the occasion, shared that Pakistan “is a country of 213 million people, with over 63% of population below 25 years of age and this makes Pakistan distinct and unique”.

However, Bakhtiar said, periodic macroeconomic crises and a low human capital basis constrained the country's growth prospects and undermined sustainable development, which is why Pakistan became one of the first Early Adopters of the Human Capital Project.

“Prime Minister Imran Khan strongly believes in investing in the people of Pakistan as investment in the people can reap dividend that not only impacts lives but also provides a sustainable path to progress.

“Good governance and efficient resource allocation is a cornerstone of his agenda,” he said.

On the Covid-19 pandemic, Bakhtiar said that coronavirus will have significant negative impacts on the economy, adding that the government launched an economic stimulus package of Rs1.2 trillion to mitigate the adverse impacts of the pandemic on various sectors of the economy.

“Pakistan's response to combat the Covid-19 crisis remains strong and robust and is recognised by the international community.”

The minister also said that Pakistan, like other developing countries, faces the challenges of balancing adequate distribution of financial resources towards macroeconomic stability and human capital investments.

“Limited fiscal space along with the federation's governance structure further complicates the situation. In spite of this, the government is implementing the much-needed structural reforms in partnership with all the federating units, and in alignment with the Sustainable Development Goals (SDGs).

“The government of Pakistan has also initiated a set of programmes, including revenue generation, education reforms, expansion of health insurance programme and launch of a comprehensive poverty alleviation Ehsaas programme etc, to provide the foundation for a stronger human capital base.”