Finance adviser briefs Queen Maxima on economy

ISLAMABAD: UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), Queen Maxima of the Netherlands, on Tuesday visited Finance Division and met with Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh and his economic team.

During the meeting, Dr Shaikh gave the Dutch 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 achieved in recent months in different sectors.

The finance adviser said there was a forty percent decrease in current account deficit, over 15 percent growth in revenue collection, grant of incentives and loan facility to exporters, tax exemption on exports.

He said that Pakistan saw over US $1 billion foreign investment in local bond market, doubling of budget allocations for social safety net, disbursement of direct financial support and stipends to women, youth and students.

There was also nearly 240 percent growth in foreign direct investment during the last four months as compared to corresponding period last year, he added.

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

He further briefed the Queen on the nature of public finance and mechanism for resource distribution between the centre and provinces and allocation of funds and resources for protection of the poor and marginalized sections of the population.

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.

She stressed on the need for enhanced financial inclusion, better coordination among different tiers of the government, digitalisation in government departments, role of innovations and information technology in enhancing transparency and efficiency in government and support to start-ups and new businesses.