‘Steps being taken for macroeconomic stability’

Published: October 16, 2012
Email
“This year the government has been successful in bringing the inflation to a single digit,” says Dr Abdul Hafeez Shaikh. PHOTO: FILE

“This year the government has been successful in bringing the inflation to a single digit,” says Dr Abdul Hafeez Shaikh. PHOTO: FILE

ISLAMABAD: Federal Minister for Finance Dr Abdul Hafeez Shaikh said that measures were being taken to bring macroeconomic stability in the country, while talking to the Asian Development Bank President Haruhiko Kuroda in Tokyo.

He said that the government tried to remain fiscally austere which can help it bring stability in economy. He said that despite various constraints, the government is trying to mobilise the resources, adding that in the last two years the government has manage to double tax collection.

“This year the growth rate was expected to be around 4% and the government has been successful in bringing the inflation to a single digit,” he added.

On the occasion, the ADB President Kuroda appreciated the Pakistan government’s efforts for maintaining macroeconomic stability in the country saying “the general economic situation in Pakistan is good.” He reassured the construction of the Diamer Bhasha Dam project, saying that ADB will take the first step by moving the technical assistance proposal to the International Monetary Fund (IMF) board. The project will help reduce the energy mix prices of the electricity, he maintained.

Shaikh also held a meeting with his Saudi counterpart on the sidelines of 2012 annual meeting of World Bank and IMF at Tokyo. Both ministers reviewed the bilateral economic relations during which Shaikh thanked the Saudi government for the grant of $100 million.

The Saudi finance minister assured Shaikh full support and reiterated the commitment of his government that its financial aid will continue for the ongoing projects in Pakistan.

Published in The Express Tribune, October 16th, 2012.

Facebook Conversations

Reader Comments (2)

  • meekal a ahmed
    Oct 16, 2012 - 4:18PM

    They will take the project to the IMF Board?

    What kind of news reporting is that?

    The IMF Board has nothing to do with projects!

    The World Bank Board does.

    Recommend

  • Oct 16, 2012 - 9:38PM

    Fiscally austere with a budget deficit of 8.5% of GDP!

    Recommend

More in Business