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Pakistan’s Economy Shifting From Consolidation to Growth Phase

Islamabad: Federal Minister for Finance and Revenue Shaukat Tarin emphasized that Pakistan’s economy was changing from consolidation to development phase due to prudent fiscal policies and tight financial discipline.

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In a news release released by the Ministry of Finance, he stated that the government’s goal was to steer the economy toward an inclusive and sustainable economic growth, with a key emphasis on a bottom-up strategy as envisioned by the prime minister.

In his speech, the finance minister informed Alisjahbana of Pakistan’s macroeconomic issues and highlighted the economic and fiscal policies being implemented to place the economy on a growth path.

The minister stated that, sadly, the COVID-19 pandemic shock caused a significant economic contraction that resulted in the loss of livelihoods, disruption of supply lines, and restricted economic activity during partial lockdowns.

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In her remarks, the executive secretary invited the finance minister to deliver the keynote address at the forthcoming Committee on Macroeconomic Policy meeting of UNESCAP. The three-day Committee conference will focus on the macroeconomic policies of member nations as well as problems pertaining to development financing.

She indicated that this committee meeting would suggest the formation of a consultative group on SDGs financing for development.

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