YOKOHAMA: Finance Minister Ishaq Dar on Saturday said that Pakistan has achieved macroeconomic stability and is now focused on realising a higher sustainable growth as part of its economic turnaround.

Speaking at the round-table on ‘Responding to Rising Inequality’ on the eve of Asian Development Bank’s (ADB) 50th annual meeting of board of governors, Mr Dar said the developing world had made remarkable progress in lowering poverty in the last two decades. Asia was leading that endeavour of reducing poverty through its phenomenal economic growth.

He added that Pakistan’s Vision 2025, which prioritised investments in human capital and social services, recognised the importance of inclusive and balanced growth, and shared prosperity aiming at redressing geographical and social inequality.

The finance minister mentioned Pakistan’s positive economic indicators including achievement of higher GDP and substantial decrease in fiscal deficit. He stated that due to economic stability achieved in last three years, PricewaterhouseCoopers in its latest report has projected Pakistan to join G-20 by 2030.

He expressed the confidence that development partners, including the ADB, would play an important role in addressing the issue of inequality. Mr Dar also attended ADB’s governors’ seminar and held a meeting on the margins with the Executive Secretary of UNESCAP Ms Shamshad Akhtar.

Earlier, he participated in the 11th informal meeting of the South Asian Association for Regional Cooperation (Saarc) Finance Ministers on the sidelines of the ADB conference. He emphasised that intra regional trade was far below its potential and there was a need to expedite the process of trade liberalisation programme under South Asian Free Trade Area.

In a meeting with the Organisation of the Petroleum Exporting Countries Fund for International Development’s (OFID) delegation, headed by Ms Cordero, the minister acknowledged the role of OFID as a reliable development partner. He mentioned the establishment of Pakistan Development Fund and Pakistan Infrastructure Bank and also expressed the desire to further strengthen relations with OFID through interaction and support at all levels.

He also met with a German delegation, headed by Parliamentary State Secretary Mr Hans-Joachim Fuchtel and appreciated Germany’s continuing cooperation with Pakistan dating back to 1961 encompassing energy, health, education, governance, sustainable development and micro finance sectors. He stated that Germany is Pakistan’s largest trading partner within the European Union.

Published in Dawn, May 7th, 2017