Daily Times

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh on Tuesday briefed the Queen Maxima of Netherlands on the nature of public finance and mechanism for resource distribution between the center and provinces.

The adviser also presented details of allocation of funds and resources for the protection of poor and marginalized sections of the population, said a press release issued by the ministry of finance here.

Queen Maxima of Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), visited the Finance Division today.

During the meeting, Dr. Abdul Hafeez Shaikh gave the Queen a detailed overview of the economic situation in Pakistan with a focus on various policy steps and initiatives undertaken by the government to restore macroeconomic stability and the progress.

He also briefed on economic stability achieved by the government in recent months in different sectors, particularly 40 % decrease in current account deficit, over 15 per cent growth in revenue collection, grant of incentives and loan facility to exporters, tax exemption on exports, investment of over US $1 billion foreign investment in local bond market.

Hafeez Shaikh informed that the government had doubled the budget allocations for the social safety net, disbursement of direct financial support and stipends to women, youth and students, and also nearly 240 percent growth had achieved in foreign direct investment during the last four months as compared to the corresponding period last year.

The adviser also spoke on the issue of inflation and enhancing local productivity through various policy means and measures.

The Queen thanked the Adviser for a comprehensive presentation of various aspects of the economy and shared her view on a range of economic issues, including the need for enhanced financial inclusion, better coordination among different tiers of the government, digitalization in government departments, role of innovations and information technology in enhancing transparency and efficiency in government and support to start-ups and new businesses.