Pakistan converts CAD into surplus through strict financial discipline: Tarin

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Mohammad Arshad
Islamabad

Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmad Tarin, Tuesday, said that Pakistan had converted Current Account Deficit into surplus by adhering to a strict financial discipline.

In a virtual meeting with Managing Director (Operations) World Bank Axel van Trotsenburg, finance minister shared a brief overview of the current economic situation and outlined several initiatives taken to accelerate economic recovery during Covid-19 pandemic.

He also highlighted measures to be taken for effective resource mobilization, enhancing productivity and strengthening financial management in future.

The MD, World Bank reiterated support for overcoming challenges in the energy sector and lauded the socio-economic coverage extended to the marginalized sections of the society during Coronavirus pandemic.

He re-affirmed 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.

Finance minister 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 longstanding 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.

The Finance Minister 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 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.

The SAPM on Power Tabish Gauhar underlined the reforms introduced in the power sector to make it dynamic and sustainable.