ISLAMABAD, Oct 23: Finance minister, Shaukat Aziz has urged all Muslims to contribute towards the rehabilitation and reconstruction of Afghanistan.

The process includes improvement in the infrastructure, water resources for agriculture, health, education and poverty reduction in Afghanistan, he said.

He was speaking at the 26th annual meeting of the Board of Governors of Islamic Development Bank (IDB) in Algiers, says a messages received here Tuesday.

The minister said, as the Ummah is faced with great challenges, we must also work on the opportunities brought about the post-Sept 11 world, he said, adding, for this purpose, we have to undertake a soul-searching exercise.

“We have to understand our weaknesses, as much as identify our strengths and defences.

“We are endowed with some of the best and most precious of world resources, and our human resources are amongst the best in the world,” he said.

Turning to the issue of poverty, the minister acknowledged that it is a formidable challenge, yet it has to be faced.

The finance minister said, a two-pronged strategy will have to be adopted by highly indebted poor countries to face the problem of poverty, namely a concerted effort to revive growth and a common effort to secure significant relief from debt burden and redirect the resources so released to poverty reduction programmes.

He said that the Islamic Development Bank has to assume a leadership role in the process of helping Muslim countries to acquire economic independence.

He said, apart from expanding the role of the Bank to act as a catalyst - for which its resources will have to be augmented by the members countries - we will have to break new grounds in developing institutions for promoting greater economic cooperation within the Islamic block.

“A reformist stance from the Bank would greatly facilitate the economies of member countries without accumulating the kind of debt burdens they have acquired while working with the IFIs.”

“Many of the member countries are confronted with the problem of capital mobility and the associated loss of tax base, he said, adding, we have to participate in the efforts of the international community to curb the money laundering and other informal channels of capital movements.” The finance minister also apprised the meeting on the efforts of the Pakistan government to revive the economy and establish its credibility in the international markets. He said, for the first time in its history, Pakistan has successfully concluded a fairly tough adjustment programme of the IMF.

“We are building on this reform to secure a growth-oriented medium-terms facility from the Fund and a commensurate support from Paris Club and other multilateral agencies.”

He said, our vulnerability to oil price hike remains a major source of concern, adding, although there are no pressures at present, but it is not clear for how long the present low prices of oil will last.—APP