ALMATY (Kazakhstan), Sept 3: Finance Minister Shaukat Aziz has stressed the need for forging stronger ties and integrating the economies between the members of the IDB for their socio-economic prosperity.

He was addressing the 28th Annual Meeting of Islamic Development Bank (IDB) as IDB governor for Pakistan here on Wednesday.

He said that Muslim Ummah could scarcely afford to overlook the challenges confronting them. “Undoubtedly, the world is passing through tumultuous times and Muslims everywhere are at the centre of evolving events”, he added.

“We are facing challenges to our collective freedom, social stability, economic development and security”, he remarked.

He said that on the one hand “we have the problem of rising suspicions about Islam in the Western World, actively promoted by those who are afraid of the increasing influence of the Muslim communities in Europe and North America. On the other side, poor economic conditions are giving our populations a feeling of deprivation. Evidently, these two forces are posing dangers to our society and, therefore, call for a collective response”.

Despite hosting 23 per cent of world population and occupying 22 per cent of world’s land mass, he said “we have a meagre share of less than 5pc in world GDP.”

About the challenges of globalization, he said that these were already formidable for most of our member countries.

About Pakistan, Shaukat Aziz said that his country has been pursuing a broad-based programme of economic reforms across all sectors of the economy including fiscal management, tax policy, agriculture, industry, privatization, banking and finance, capital markets, oil and gas, water and power and public financial management.

The IDB, he said, remained an important supporter and primary source of short-term financing for procurement of petroleum products that occupy critical position in our external account.

The minister on the occasion noted with satisfaction that the IDB was endeavouring to expand the scope of its activities and for this purpose had enhanced its paid-up capital up to Islamic Dinars 15bn. In particular, he said the establishment of ICD as its private arm is commendable.

He said Pakistan had ratified the articles of association and our private sector was keen to do business with the new institution.—APP