ISLAMABAD (February 01, 2011) : President Asif Ali Zardari while urging the IMF to continue its economic support to the war-ravaged and flood-stricken economy on Monday said the government was pursuing economic reform agenda and will continue to do so despite difficulties and constraints. This he said during his meeting with Masood Ahmed, Director, Middle East and Central Asia Department IMF, at Aiwan-e-Sadr.
Masood Ahmed was accompanied by IMF officials Adnan Mazaeri and Paul Roass. Dr Abdul Hafeez Sheikh, Finance Minister, Salman Farooqui, Secretary General to the President, Dr Nadeem-ul-Haq, Deputy Chairman Planning Commission, Shahid H Kardar, Governor State Bank, Hina Rabbani Khar, Minister of State for EAD/Finance and other senior officials represented Pakistan side during the meeting.
The President said the government was making all-out efforts to evolve a consensus on the proposed tax reforms and other issues relating to economy by taking all the political forces and other stakeholder on board. He said the democratic dispensation had taken a number of measures to streamline and stabilise the economy that include giving more autonomy to the State Bank of Pakistan, regulating government borrowings and necessary amendments to Banking Companies Ordinance, 1962.
He said the government had to take bold even though politically unpopular decisions to put the economy back on track. The President said due to war against terror and the worst-ever floods in the history, the country's economy had to suffer major blows and it needed international assistance by way of creating economic opportunities for the people.
He said the government was cognisant of the need of reforms in various areas including Public Sector Enterprises and power sector and was taking appropriate steps in this regard. He said the government was moving aggressively to cut costs on the expenditure side and curtailing its non-salary current expenditures.
He said that on the PSDP the government had also taken bold steps to rationalise its size and the projects portfolio. The government had also undertaken rigorous review of all expenditures to identify further reductions in expenses. The President said that with a view to cutting down on the expenditure the Sindh government had slashed the Cabinet size and dispensed with the services of over a dozen advisors.
He said the federal government had also decided to similarly enforce austerity measures. The reform agenda, the President hoped, though initially creating difficulties and hardship for the ordinary citizens would help provide much-needed support to our economy.
The President also noted that the government was pursuing a policy of elimination of general subsidies and replaced the same with targeted subsidies for the poor and vulnerable communities alone.
The President said the government was making all efforts to ensure transparent economy to reduce corruption and address the issue of tax evasion. The President also highlighted various tax reforms measure taken by the government that he remarked as were the gateway to systemic reform and transparency. Masood Ahmed emphasised the need for stabilising economy and appreciated the government and its economic managers for taking some measures in this regard.-PR
Masood Ahmed was accompanied by IMF officials Adnan Mazaeri and Paul Roass. Dr Abdul Hafeez Sheikh, Finance Minister, Salman Farooqui, Secretary General to the President, Dr Nadeem-ul-Haq, Deputy Chairman Planning Commission, Shahid H Kardar, Governor State Bank, Hina Rabbani Khar, Minister of State for EAD/Finance and other senior officials represented Pakistan side during the meeting.
The President said the government was making all-out efforts to evolve a consensus on the proposed tax reforms and other issues relating to economy by taking all the political forces and other stakeholder on board. He said the democratic dispensation had taken a number of measures to streamline and stabilise the economy that include giving more autonomy to the State Bank of Pakistan, regulating government borrowings and necessary amendments to Banking Companies Ordinance, 1962.
He said the government had to take bold even though politically unpopular decisions to put the economy back on track. The President said due to war against terror and the worst-ever floods in the history, the country's economy had to suffer major blows and it needed international assistance by way of creating economic opportunities for the people.
He said the government was cognisant of the need of reforms in various areas including Public Sector Enterprises and power sector and was taking appropriate steps in this regard. He said the government was moving aggressively to cut costs on the expenditure side and curtailing its non-salary current expenditures.
He said that on the PSDP the government had also taken bold steps to rationalise its size and the projects portfolio. The government had also undertaken rigorous review of all expenditures to identify further reductions in expenses. The President said that with a view to cutting down on the expenditure the Sindh government had slashed the Cabinet size and dispensed with the services of over a dozen advisors.
He said the federal government had also decided to similarly enforce austerity measures. The reform agenda, the President hoped, though initially creating difficulties and hardship for the ordinary citizens would help provide much-needed support to our economy.
The President also noted that the government was pursuing a policy of elimination of general subsidies and replaced the same with targeted subsidies for the poor and vulnerable communities alone.
The President said the government was making all efforts to ensure transparent economy to reduce corruption and address the issue of tax evasion. The President also highlighted various tax reforms measure taken by the government that he remarked as were the gateway to systemic reform and transparency. Masood Ahmed emphasised the need for stabilising economy and appreciated the government and its economic managers for taking some measures in this regard.-PR
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