ISLAMABAD: The current improved economic and financial situation presents a unique opportunity for Pakistan to reinforce and build on recent stability gains and to work towards achieving higher sustainable and inclusive economic growth. Minister for Finance Senator Mohammad Ishaq Dar expressed these views while addressing the Asian Development Bank (ADB) Board of Governors meeting in Baku (Azerbaijan) on Monday. This will require further bolstering the government revenues through broadening the tax base and improving compliance in order to generate the resources that will allow for further reducing the public debt while increasing the spending in priority areas such as public investment, health and education, according to a message received here. Finance Minister Ishaq Dar, who is currently visiting Baku to represent Pakistan in the ADB Board of Governors meeting, said that compared to the 3.4 percent growth in 2014, the overall global growth was projected to reach 3.5 percent and 3.8 percent in 2015 and 2016 respectively. the Asia Pacific region remained the leader for global growth. He said that this was evident from the strong growth in the last few years that have boosted job opportunities, improved standards of living and lifted millions out of poverty.We must however keep the momentum going. We must remain vigilant of risks and vulnerabilities that could derail the recovery of the global economy and progress made in alleviating poverty in the region, he added. The ADB’s Asian Development Outlook (ADO) 2015, he said, projects that Developing Asia will grow at a steady 6.3 percent in 2015 & 2016 supported by a strengthening recovery in the major industrial economies and soft global commodity prices. The Asian Development Bank (ADB), he said, has been a trusted development partner for the regional countries.Highlighting the economic performance of the government he said that since assuming office in June 2013 it has put in place a forward looking reform agenda. We have taken painful yet necessary reforms resulting in stabilisation of the economy. We have set 4 Es i.e Energy, Economy, eliminating Extremism and Education as our priorities.Ishaq Dar further said that the government has an inflexible resolve towards elimination of terrorism. Under the security operation Zarb-e-Azb action is being taken against terrorists without any distinction or discrimination, he added. Pakistan, he said, has always desired and supported regional infrastructure network that will lead to greater regional cooperation and accelerated economic growth. Promoting regional connectivity is one of the pillars of this development strategy. The government, he said, is actively pursuing this initiative, which has the potential to integrate South Asia, China and Central Asia, the three engines of growth in Asia.About Pakistan’s partnership with ADB he said it dates back to 1966 since when ADB has disbursed a total of US $18.1 billion in loans to Pakistan. Ishaq Dar thanked the ADB for supporting the 2014 flood rehabilitation activities in Kashmir and Punjab as well as for the resumption of programme lending for energy sector and State Owned Enterprise besides providing soft loan for the Social Protection Development Project. Ishaq Dar commended ADB President Nakao for his leadership and for pursuing the reform agenda for streamlining business processes and undertaking organisational reform to ensure more efficient and effective implementation. He also thanked the people and government of Azerbaijan for the generous warmth and hospitality.The Asian Development Bank (ADB) Governors roundtable in Baku on Monday morning discussed the impact that low oil prices had on member countries. Pakistan’s Finance Minister Ishaq Dar contributing to the discussion spoke of the positive and negative impact of drop in oil prices.He said while the current account deficit came down it also increased disposable income for the common man. It has also impacted the revenue so he proposed to consider a global fund that may address both the needs of importing and exporting countries. The ADB president also mentioned Dar’s remarks on loss of revenue due to drop in oil prices and described it an interesting issue for discussion.Later talking to his Afghan counterpart Eklil Ahmad Hakimi in Baku Ishaq Dar said that Pakistan places great emphasis on strong, stable and cooperative ties with Afghanistan. Such ties were mutually beneficial both for Pakistan as well as Afghanistan and would enhance regional peace, trade and economic opportunities for the people of the two countries. Dar said that funds for the Torkham Jalalabad Highway had been released and the contractor would remobilise on ground within this month.Pakistan would extend all possible support to accomplish all tasks such as enhancing road and railways connectivity and energy projects. Eklil Ahmad Hakimi expressed appreciation on Pakistan’s eagerness on completing projects in Afghanistan and said he would see to it that on all-important matters responses from the Afghan side were expedited.Earlier Ishaq Dar also addressed the 9th Informal meeting of SAARC Finance Ministers here and emphasised the need of regional connectivity for Economic growth of the region. Online adds: A US delegation led by Marisa Logo held a meeting with Finance Minister Ishaq Dar in Baku on the sidelines of Asian Development Bank annual meeting.The two sides discussed Pakistan’s economic situation.The American delegation commended economic recovery of Pakistan in record time that has also been acknowledged by top world publications.
