10 February 2004	Tuesday	18 Zilhaj 1424

BAHRAIN, Feb 9: The governor, State Bank, Dr Ishrat Hussain said that Pakistan will be able to reduce poverty by accelerating GDP growth to 6 per cent and investing in education and health sectors.

He was addressing at the reception hosted by Finance Ministry of Bahrain in honour of Pakistan delegation, which was visiting different countries in connection with Pakistan Eurobond roadshow.

The delegation, headed by Dr. Ishrat Hussain, Governor, State Bank of Pakistan, includes Secretary Finance, Mr. Nawid Ahsan, is currently visiting Bahrain on their first leg of the tour.

During their two-day stay in Bahrain the delegation members had meeting with leading bankers and financial managers from most of the world known financial institutions/banks stationed in Bahrain.

At the reception the governor State Bank also addressed audience of selected top financial institutions of Bahrain at the Ritz Ceriton Hotel. He briefed about the Pakistan's financial environment tracing its recent history post 1998 era which was marked with uncertainty and geo-political dark clouds threatening Pakistan's economy to the wide ranging reforms and successful macroeconomic stabilization.

The governor elaborated on how the reforms in various fields had been institutionalized by adopting a series of legislative and constitutional measures.

Pakistan thus achieved fiscal strength and targeted growth rates on the strength of structural reforms. These steps have been further strengthened by a vibrant financial sector which is now owned and managed by the private sector and regulated by an autonomous central bank.

He also elaborated on tariff reforms, trade liberalization and conductive environment for investors. Speaking on Governance Issue, the governor informed the audience that corruption at the high echelons has almost been eliminated and the establishment of National Accountability Bureau has created a deterrent effect.

Pakistan emerged from being one tranche country to the status that now it has received eleven trenches in a row and is on way to graduating from the IMF programme. He also stressed on the successful implementation of policies that have maintained low inflation rates, low interest rate environment and a big boost to private sector credit. -APP