Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmad Tarin has reiterated the firm commitment of the government in undertaking reforms to achieve macroeconomic stability, build fiscal resilience and stimulate economic recovery amid Covid-19 and in post-Covid scenario.
The finance minister said this while holding a virtual meeting with Axel van Trotsenburg, Managing Director (Operations), World Bank, at the Finance Division on Tuesday.
He stated that the World Bank has always been a source of support in pursuing reform agenda and implementing various development projects for the country. He acknowledged the long-standing partnership and firm commitment of the World Bank as a major development partner for bringing essential reforms in priority areas including energy, fiscal & debt management and socio-economic development.
Axel van Trotsenburg, Managing Director (Operations), WB, reiterated support for overcoming challenges in the energy sector and lauded the socio-economic coverage extended to the marginalised sections of the society during the coronavirus pandemic. He re-affirmed the Bank’s commitment to continue support for the implementation of structural reforms in future on the occasion.
The Finance Minister thanked the MD (Operations), World Bank and his team for their continuous support and facilitation. He also shared a brief overview of the current economic situation and outlined several initiatives taken to accelerate economic recovery during Covid-19 pandemic. He said that Pakistan converted current account deficit into surplus by adhering to a strict financial discipline. He also highlighted measures to be taken for effective resource mobilisation, enhancing productivity and strengthening financial management in future.
On the occasion, Minister for Energy Muhammad Hammad Azhar briefed about the efforts underway in the energy sector for bringing efficiency into the system by eliminating inefficient power plants to improve service delivery.
Special Assistant to the PM on Power (SAPM) Tabish Gauhar underlined the reforms introduced in the power sector to make it dynamic and sustainable. He reiterated the government’s firm resolve in achieving efficiency in production as well as transmission of electricity.
Federal Minister for Economic Affairs Omar Ayub Khan updated the World Bank MD on steps being taken to build resilient institutions as well as investment in human capital.
SAPM on Revenue Dr Waqar Masood, secretary finance, secretary power, secretary economic affairs, chairman Federal Board of Revenue (FBR) and other senior officers of the Finance Division participated in the meeting. Governor State Bank of Pakistan Reza Baqir joined through a video link.