Finance Minister Dr Abdul Hafeez Shaikh sought help from the Asian Development Bank (ADB) to come up with options to manage the challenge of inflation due to vulnerability to volatile oil and commodity prices in the region. He was addressing the governors present at the Round Table meeting of ADB which was inaugurated by the Prime Minister of Vietnam Nguyen Tan Dung in Hanoi Vietnam.
He said the challenge of inflation in the region and its vulnerability to volatile oil and commodity prices are affecting the regional economy. ADB should have an in-depth study of various dimensions and dynamics of inflation, impact of global integration on developing countries and effect of capital flows to these countries in terms of raising aggregate demand and development and come up with various options in managing inflation and capital flows both nationally and globally.
The minister gave a detailed review of the challenges being faced by Pakistan in the post flood period which have impacted seriously on country’s GDP growth. However, he assured that the efforts made by the government had led to a record rise in exports which grew by 26 percent in the first ten months of the current fiscal year which were expected to touch $22 billion. He also spoke on the new growth strategy which will result in the enhancement of productivity.
He also held meetings with Finance Minister of Japan Yoshihiko Noda, President ADB Haruhiko Kuroda, Vice Minister of Finance of China Young Li.
Shaikh seeks ADB’s help to counter inflation
