YOKOHAMA: Finance Minister Senator Muhammad Ishaq Dar while co-chairing the 50th annual ADB meeting in Tokyo, informed the participants about the turnaround and macroeconomic stability achieved by Pakistan during the last four years.
A feat that Pakistan has only achieved owing to the successful implementation of a comprehensive structural reforms agenda.
Delivering country statement in the 2nd Business Session at the 50th Annual Meeting of Asian Development Bank at Yokohama, Finance Minister Senator Muhammad Ishaq Dar informed the participants about the turnaround, sustainable progress and reforms initiated in the country which has been applauded by rating agencies, international financial institutions, development partners, think tanks, independent economists and experts.
After achieving the macroeconomic stability the target is sustainable inclusive higher growth.
The Minister also commended the efforts and commitment of President of ADB Mr Nakao in pursuing reform agenda, contribution towards economic development and poverty reduction in Asia pacific region.
Earlier Ishaq Dar co-chaired along with the Finance Minister of Japan, Mr Taro Aso the first business session of the 50th annual meeting of the 67 member ADB’s Board of Governors at Yokohama Japan.
The session comprised of member countries’ statements, which inter alia touched upon sustainable and smart infrastructure development and financial cooperation amongst the member countries.
The Finance Minister also attended the Roundtable Conference on ‘Responding to Rising Inequality ‘at Yokohama, Japan. Speaking on the occasion, the Minister stated that developing world had made remarkable progress particularly in alleviating poverty in last two decades. He added that around 125000 people are coming out of poverty on daily basis globally and Asia is leading this endeavor of reducing poverty through its phenomenal economic growth.
Referring to the economic turnaround in Pakistan, the Minister stated that after having achieved macroeconomic stability, Pakistan is now focused on achieving higher, sustainable and inclusive economic growth. Highlighting the issue of rising inequality, the Minister stated that income inequality was only one aspect of inequality whereas disparities in terms of gender, region etc. also needs to be addressed to ensure sustainable development.
In this regard he referred to the Pakistan’s Vision 2025 which prioritized investments in human capital and social services, recognized the importance of inclusive and balanced growth and shared prosperity aiming at Redressel to geographical and social inequality. He added that present Government in Pakistan strongly believed that benefits of growth must be shared by all segments of society, especially the marginalized groups.
The Minister highlighted the efforts to deal with horizontal and vertical inequalities including access of poor to health and education, endowment fund for education, work on social safety nets, skills development, disaster mitigation, increase in BISP budget allocation, implementation of National Financial Inclusion Strategy (NFIS). The Minister showed confidence that development partners, including ADB would play important role in addressing inequality.
Meanwhile Ishaq Dar staunchly defended One Belt One Road (OBOR) Initiative amidst Indian Opposition. Financial and economic integration as well as regional connectivity is the name of the game.
While participating in the CNBC Debate on “Talking Trade”, the Finance Minister stated that regional economic integration is imperative for development of the people of Asia.
He said it will be unfortunate if protectionist mindsets prevail instead of more expansive trade liberalization strategies. On opposition raised by the Indian Finance Minister to OBOR and it’s oft propagated impact on the sovereignty of states involved, the Finance Financial Minister firmly retorted that this concept integrates the regional countries economically without compromising on the principles of sovereignty.
He further stated that CAREC, CASA-1000 and TAPI, which connect the region would usher in a new era of prosperity and development for peoples of the entire region. He emphasized that the future lies in financially inclusive development and economic integration of the entire region. Pakistan and China are committed to successfully implement CPEC Initiative which again would serve not only the region but others beyond the region as well.
