Finance Minister Dr Abdul Hafeez Shaikh said on Monday the government is exercising self restraint in expenditures and is striving hard to make this year, a year of consolidation in the economy.
He said this while talking to the Shadow Foreign Secretary and member of the Labour Party United Kingdom, Douglas G. Alexander here on Monday.
The minister said that he hopes that the capacity of the provinces in financial management would be enhanced as they have transferred 60 per cent resources from centre to provinces in the light of the 7th NFC award. He also gave details of the role of state in the economic sector by ensuring transparency and level playing field to private sector. He mentioned the government’s resolve to end the circular debt issue by good corporate governance, tariff regime and clearing of the backlog by stake holders involved in it.
While discussing his recent visit to Washington where he attended the annual meetings of the IMF and World Bank, he said Pakistan’s credibility at international level has enhanced in light of economic performance in export sector with $25 billion exports, forex reserves climbing up to $18 billion, and $11 billion remittances. We intend to continue reforms in economic sector not because it is the requirement of the World Bank and IMF but we sincerely believe that much has to be done in our own interest. The visiting British member parliament hoped that the various measures taken by the government would help it to broaden the tax base and reduce the budget deficit by a substantial level. He appreciated the government’s initiative and policy of reconciliation in resolving the economic issues. Douglas G. Alexander has been an MP since 1997. He was the Secretary of the State for International Development until May 2010. He has also held the posts of Shadow Secretary of the State for International Development and Shadow Secretary of State for Work and Pensions. As of 2011, he is the Shadow Foreign Secretary, and is currently visiting Pakistan.
