Minister for Finance Ishaq Dar has said the impressive macro-economic indicators, as monitored and assessed by international financial institutions, present a picture of sustainable growth and economic stability in Pakistan.
The International Monetary Fund (IMF) gave a clean chit to the Pakistan’s economic health, which led to the engagement with major financial institutions, he added.
The minister was addressing a gathering of Canadian and Pakistani businessmen, entrepreneurs and professionals at an interactive session organised jointly by the Consulate General of Pakistan in Toronto and Canada-Pakistan Business Council (CPBC), said a message received here from Canada on Monday.
The briefing was attended by Canadian parliamentarians including Senator Salma Ataullahjan, MP John McCallum, MP Brad Butt, Ontario Minister for Research and Innovation, Dr Reza Moridi and MPP Dr Shafiq Qaadri. CPBC Chairman Bryon Wilfert, Pakistan’s High Commissioner Akbar Zeb, Consul General Nafees Zakaria, President CPBC Samir Dossal and Ontario Economic Department’s Officials were among the notable participants.
The minister said the economic performance would enable Pakistan to enter the international bond market after seven years of absence.
He outlined the bold policy steps taken by the government to address the challenges of economy, energy crisis and security, which resulted in a promising outcome.
Dar shared the news about significant enhancement in foreign investments due to the restoration of investors’ confidence at the back of strengthening of Rupee vis-a-vis US dollar and other currencies, high and speedy returns for venture capitalists.
On tackling security, the minister said the government was determined to deal with the issue of extremism decisively and eradicate the menace. Pakistan wants to give peace a chance, he added. He regretted that despite Pakistan’s sacrifices, colossal economic losses and sincere efforts, some were playing the blame game. He stressed that Pakistan was fighting the common enemy.
He told the Canadians and Pakistani community that Pakistan was on path to economic recovery and cited economist Jim O’Neil’s prediction that by 2050 it would be the 18th largest economy of the world. He was confident that with exploitation of hydrocarbon reserves and other natural resources, it could be achieved much earlier. The minister mentioned that the government was adhered to the 4Es of the election manifesto, which were Economy, Energy, Education and Eradication of Extremism. On Afghanistan, he underlined Pakistan’s firm commitment to peace and stability.
Pakistan recently enhanced its commitment to US$500 million in development and humanitarian projects, including a kidney centre for which he invited Canadian collaboration.
MP John McCallum, the former chief economist, lauded Dar’s briefing and expressed understanding that Pakistan indeed was full of potential.
