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Upcoming budget aims for fiscal consolidation in economy: Miftah

Miftah Ismail held a meeting with Mr Hartwig Schafer, Vice President South Asia Region (SAR), World Bank. Source: Twitter. 

ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail on Tuesday said that the upcoming budget aims at bringing in fiscal consolidation and improving the overall resilience of the economy.

For this reason, the government was planning to provide various relief measures for protecting the vulnerable segments of the society, he said during a meeting with Mr Hartwig Schafer, Vice President South Asia Region (SAR), World Bank.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Country Director WB Mr Najy Benhassine, Acting Governor SBP Dr Murtaza Syed, Secretary Finance, Secretary Power Division, Secretary EAD, Chairman FBR and other senior officers attended the meeting.

The finance minister welcomed Mr Hartwig Schafer and shared that country is currently facing monetary and fiscal challenges due to rising global commodity prices. He further stated that present government would introduce reforms in priority areas to address fiscal deficits.

In this context, two programs of the World Bank named Resilient Institution for Sustainable Economy (RISE-and Program for Affordable and Clean Energy (PACE-II) hold a central position in the reform agenda.

He said the government was cognizant of these issues and taking pragmatic steps to resolve bottlenecks to growth. “The present government is committed to setting the economy on a sustainable and inclusive growth path,” Miftah said.

The finance minister also emphasized that the World Bank’s continued support would be critical to reforms being pursued by the government of Pakistan.

Mr Hartwig Schafer shared his insights about the reform initiatives proposed by the World Bank. These programs not only ensure sustainable growth but also work as effective shock absorbers in case of any economic crisis.

He appreciated the resolve of the Government of Pakistan in overcoming the economic challenges. Key areas discussed in the meeting included the macro-economic situation of the country, fiscal responsibility and debt limitation laws, and financial sustainability of the power sector, he said.

The finance minister thanked the World Bank official and acknowledged the significant contribution of the World Bank in the socio-economic development of the country.

Mr Hartwig Schafer assured his full support to Govt of Pakistan in the implementation of the government’s reform agenda and the projects funded by the World Bank.

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