Pakistan focusing on sustainable economic growth: Dar

• The minister says government crucial to monitor economic activities as they cannot be left at the mercy of private sector

Finance Minister Ishaq Dar on Saturday said after achieving macroeconomic stability, Pakistan is now focused on realising higher sustainable growth as part of the economic turnaround.

At the Round-Table Conference on the theme ‘Responding to Rising Inequality’ on the eve of 50th Annual Meeting of the ADB board of governors, the minister said the developing world had made remarkable progress in lowering poverty in last two decades. Around 125,000 people were coming out of poverty on daily basis globally and Asia was leading that endeavour of reducing poverty through its phenomenal economic growth, Ishaq Dar added.

Referring to the issue of rising inequality, he stated that income inequality was only one aspect of inequality whereas disparities in terms of gender in the region also needed to be addressed to ensure sustainable development.

Pakistan’s Vision 2025, which prioritised investments in human capital and social services, recognised the importance of inclusive and balanced growth and shared prosperity aiming at redressing geographical and social inequality, he added.

Dar said the ruling democratic dispensation in Pakistan strongly believed that benefits of growth must be shared by all segments of society, especially the marginalised groups.

The minister also highlighted the efforts to deal with horizontal and vertical inequalities, including access of the poor to health and education, an endowment fund for education, work on social safety nets, skills development, disaster mitigation and increase in the BISP (Benazir Income Support Programme) budget allocation.

He expressed the confidence that development partners, including the ADB, would play an important role in addressing the issue of inequality.

Pakistan extends unequivocal support to One Belt One Road: Billing intra-regional trade and connectivity as an essential for the sustainable economic development of Asia and the Pacific, Dar appreciated the project undertaken by China for economic progress and prosperity on sound grounds.

Highlighting the importance of connectivity, Ishaq Dar said that the Asian Development Bank had a greater role to play in this process to achieve ultimate economic goals and objectives.

The minister said the world was now a global village and no region could economically survive in isolation, therefore cooperation, coordination and connectivity were badly needed to ensure economic development in this part of the planet.

He said different countries were faced with diverse economic challenges and issues that is why, he observed a single generic solution could not help resolve their problems.

The minister was of the view that Asian Development Bank was well-positioned to play an effective role in fostering intra-regional trade and promoting financial integration and connectivity for the mutual benefits.

He further said another important initiative – China Pakistan Economic Corridor (CPEC) – had been taken which could not only ensure economic cooperation among China, Pakistan, Afghanistan, India and Iran but would also pave level playing course for all in terms of economic dividends.

Responding to a question, he said the role of the government in the economy was indispensable and the economic activities could not be left merely at the mercy of private sector.

The government, he stressed, had an important and due role to play in the economy as an enabler to give right policies, ensuring that economic fabric is proceeding in the right direction.

The minister further said the future in fact linked with the vision of economic and financial connectivity within the region and beyond and the One Belt and One Road and CPEC would help translate the idea of connectivity into reality.