A US delegation led by its Ambassador in Pakistan, Ms. Alice G. Wells on called on Advisor to Prime Minister on Finance & Revenue Abdul Hafeez Shaikh at Finance Division on Tuesday.
Hafeez Shaikha briefed the visiting delegation on measures pertaining to economic reforms being undertaken by the government of Pakistan to ensure economic discipline, efforts being made towards implementation of FATF Action Plan and the key challenges being faced.
He emphasized the importance of bilateral engagement with the US and the need to encourage entrepreneurs from private sector of both the countries which will lead to enhanced trade.
The Adviser to PM on Finance informed that over the past three months, the government has taken significant steps to bring financial discipline that include reduction in Current Account deficit, focus on increasing revenue generation, measures to reduce fiscal expenditures, reduce fiscal borrowings, efforts to enhance foreign exchange reserves through bilateral and multilateral support, arrangement of petroleum credit facility with KSA and IDB and IMF Program. Further, as part of its institutional development initiative, SBP and FBR are being resourced and empowered.
At the same time to support economic growth and facilitate the people below the poverty line, various Programs to support our export oriented industries and health insurance schemes have been introduced for the poor. Regarding, implementation of FATF Action Plan, Abdul Hafeez Shaikh briefed that the government is putting in all-out efforts to complete the Action Plan, involving all relevant authorities at the federal and provincial levels, supported by capacity building through international partners.
He expressed the government’s commitment to enhance the effectiveness of its AML/CFT Framework being undertaken by the government of Pakistan, with the objective to ensure that all the actions that are being taken to curb Terror Financing are irreversible and sustainable.—INP