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Economic stabilization interim report presented to Gilani

SAMAA | - Posted: Nov 19, 2008 | Last Updated: 12 years ago
SAMAA |
Posted: Nov 19, 2008 | Last Updated: 12 years ago
Economic stabilization interim report presented to Gilani

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Tuesday reiterated that the government is fully committed to restoring macro-economic stability and to rebuild investors confidence, both domestic and foreign.

“At the same time it is essential that any stabilization programme, that we adopt, provides an adequate potential for the poor and vulnerable,” the Prime Minister said while addressing a meeting of the economic experts, in which he was presented an interim report on economic stabilization.

Dr. Hafeez Pasha, Chairman of the Panel of Economists, which was constituted by the Planning Commission in September this year to suggest a short-term stabilization package to restore macro-economic stability, presented the interim report to the Prime Minister.

Advisor to the Prime Minister on Finance and Economic Affairs, Shaukat Tarin, Minister for Planning and Development, Makhdoom Shahabuddin, Deputy Chairman Planning Commission, Salman Farooqi and Minister of State for Finance, Ms. Hina Rabbani Khar were also present in the meeting.

Prime Minister Gilani said a new face of stabilization is absolutely necessary for sustainable economic development.

“We are confident that in a reasonable period of time, we will regain the momentum of economic growth by keeping inflation on a minimum lower side,” he added.

The Prime Minister said only thereafter the gains of growth would flow to common people of Pakistan.

He assured the donors and friends of Pakistan that the country has the capacity to manage external resources efficiently and effectively.

“Measures and mechanisms will be reinforced to ensure cost-effectiveness and high productivity of foreign-funded projects in a transparent manner,” the Prime Minister added.

Prime Minister Gilani said he looks forward to receiving the final report of the panel, which should address structural weaknesses of the economy and describe a medium-term framework for sustainable growth.

The Prime Minister said as Pakistan has an agricultural base, it will be important that the panel’s recommendations address the needs of agriculture sector, which can become a leading factor of economic growth.

“We, however, do not underestimate the importance of other sectors of economy,” he said and added “We will have to formulate our policies for the progress and prosperity of our poor masses.”

The Prime Minister lauded the Panel of Economists, Ministry of Finance as well as the Planning Commission for their contribution in the formulation of interim report.

He said the report will assist the government in drawing up a home-grown economic stabilization programme, which was being finalized.

The Prime Minister said the findings of the report will also help the country’s economic team in their negotiations with donors and multilateral institutions.

Gilani he said he was happy to note that the report contains his suggestion that the stabilization programme should be both efficient and equitable.

Advisor to the Prime Minister on Finance, Shaukat Tarin briefed the meeting about the government’s nine point economic plan and said its implementation will be overseen and reviewed by a policy board co-chaired by the President and Prime Minister.

He said the policy board will consist of representatives of government, members of the Planning Commission and experts from the fields of economy and social sciences.

An executive committee will work under the board.

Each committee member will head a group working on various subjects of the economic plan, he added.

Shaukat Tarin said the plan has been prepared with the input of politicians and private sector.

He said part of the plan, economic stability will be priority of the government.

Social protection, agriculture, industrial competitiveness, human resource development, integrated energy plan, strengthening of capital markets and private public sector partnership are main areas of the plan, he added.

The Advisor said previous economic policies failed to yield desired results due to weak implementation so achievement of set targets will remain the main task.

The Finance Ministry will be monitoring the economic plan on a monthly basis, he added.

Chairman of the Panel of Economists Dr. Hafeez Pasha submitted an interim report on the economic conditions of the country.

The report has two parts including short term stabilization programme: 2008-2010, with the human face of stabilization focusing on social protection.

The second part focuses on identification of structural weaknesses of the economy over medium term with growth strategy, development priorities and institutional improvements to resolve the economic weaknesses.

The report notes that there are accumulated imbalances in the form of trade and fiscal deficits that need substantial adjustment, which if not done, the result would be substantial depreciation of the currency and high inflation.

Dr. Pasha said the panel is of the view that Pakistan must take decisive action to restore macro economic stability.

Pasha was of the view that proposed stabilization recommended in the report would be based on economic mobilization, privatisation, an integrated economic package and social safety nets.

The panel proposed mobilization of domestic resources and cut in expenditure besides a privatisation programme aimed at efficient utilisation of domestic and external resources.

The economic strategy will focus on sustainable and equitable economic growth putting in place effective social safety nets to protect the vulnerable and poor sections of society, he added.

Dr. Pasha said report of the panel targets growth recovery over a medium term through promotion of international competitiveness that may involve exchange rate adjustments.

The proposals will help spur agriculture growth, address sub regional inequalities and promote cross border regional trade especially with China through development of infrastructure and appropriate incentives to tap South Asian markets.

The panel stresses on institutional reforms including distribution of state land to landless and tenants and provision of credit to small entrepreneurs so that they can become equity holders in the mainstream fields such as dairy, livestock, fisheries, processed food, telecommunication, apparel and software.

Dr. Pasha said the interim report also reaffirms the process of devolution and fiscal assignments between federal and provincial governments especially regarding capital value tax and GST on services.

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HOME > News

Economic stabilization interim report presented to Gilani

SAMAA | - Posted: Nov 18, 2008 | Last Updated: 12 years ago
SAMAA |
Posted: Nov 18, 2008 | Last Updated: 12 years ago
Economic stabilization interim report presented to Gilani

ISLAMABAD: Prime Minister Syed Yousuf Raza
Gilani on Tuesday reiterated that the government is fully
committed to restoring macro-economic stability and to rebuild
investors' confidence, both domestically and abroad.
“At the same time it is essential that any
stabilization programme, that we adopt, provides an
adequate potential for the poor and vulnerable”, the
Prime Minister said while addressing a meeting of the
economic experts, in which he was presented an interim
report on economic stabilization.
Dr. Hafeez Pasha, Chairman of the Panel of
Economists, which was constituted by the Planning
Commission in September this year to suggest a short-
term stabilization package to restore macro-economic
stability, presented the interim report to the Prime
Minister.
Advisor to the Prime Minister on Finance and
Economic Affairs, Shaukat Tareen, Minister for Planning
and Development, Makhdoom Shahabuddin, Deputy Chairman
Planning Commission, Salman Farooqi and Minister of
State for Finance, Ms. Hina Rabbani Khar were also
present in the meeting.
Prime Minister Gilani said a new face of
stabilization is absolutely necessary for sustainable
economic development.
“We are confident that in a reasonable period of
time, we will regain the momentum of economic growth by
keeping inflation on a minimum lower side”, he added.
The Prime Minister said only thereafter the gains
of growth would flow to common people of Pakistan.
He assured the donors and friends of Pakistan that
the country has the capacity to manage external
resources efficiently and effectively.
“Measures and mechanisms will be reinforced to
ensure cost-effectiveness and high productivity of
foreign-funded projects in a transparent manner”, the
Prime Minister added.
Prime Minister Gilani said he was looking forward to
receiving the final report of the panel, which should
address structural weaknesses of the economy and
describe a medium-term framework for sustainable
growth.
The Prime Minister said as Pakistan has an
agricultural base, it will be important that the
panel's recommendations address the needs of
the agriculture sector, which can become a leading factor
in economic growth.
“We, however, do not underestimate the importance
of other sectors of economy”, he said and added “We
will have to formulate our policies for the progress
and prosperity of our poor masses.”
The Prime Minister lauded the panel of economists,
Ministry of Finance as well as the Planning Commission
for their contribution in the formulation of the interim
report.
He said the report will assist the government in
drawing up a home-grown economic stabilization
programme, which was being finalized.
The Prime Minister said the findings of the report
will also help the country's economic team in their
negotiations with donors and multilateral institutions.
Gilani he said he was happy to note that the
report contains his suggestion that the stabilization
programme should be both efficient and equitable.
Advisor to the Prime Minister on Finance, Shaukat
Tareen briefed the meeting about the government's nine
point economic plan and said its implementation will be
overseen and reviewed by a policy board co-chaired by
the President and Prime Minister.
He said the policy board will consist of
representatives of government, members of the Planning
Commission and experts from the fields of economy and
social sciences.
An executive committee will work under the board.
Each committee member will head a group working on
various subjects of the economic plan, he added.
Shaukat Tarin said the plan has been prepared with
the input of politicians and private sector.
He said part of the plan, economic stability will be
priority of the government.
Social protection, agriculture, industrial
competitiveness, human resource development, integrated
energy plan, strengthening of capital markets and
private public sector partnership are main areas of the
plan, he added.
The Advisor said previous economic policies failed
to yield the desired results due to weak implementation so
achievement of set targets will remain the main task.
The Finance Ministry will be monitoring the
economic plan on a monthly basis, he added.

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