ISLAMABAD, July 28: Prime Minister Shaukat Aziz has said that the finance ministry has to reorient and modernise its working so that available resources are utilised in a prudent manner and the processes are made simple.

He was talking to his financial team including Adviser on Finance Dr Salman Shah, Minister of State for Finance Omar Ayub Khan, Secretary Finance Ahmad Waqar and Special Secretary Finance Dr Ashfaq Hassan Khan.

“The ongoing reforms are essential for economic progress and prosperity.

The economic turnaround achieved by Pakistan is largely due to the prudent structural reforms in every facet of economic activity which has created opportunities, jobs and growth,” the prime minister said.

According to an official announcement issued here the prime minister also quoted some examples of telecom sector, financial services sector, agriculture, oil and gas which have resulted in increased investment, creation of large number of new jobs and the emergence of a growing middle class which is fuelling demands. “Consistency and continuity of policies will ensure that the benefits achieved so far will increase even further both in creating opportunities and enabling equitable growth so that all segments of society see an improvement in their quality of life,” Mr Aziz observed.

He said much more needed to be done which would require continued effort by all ministries and departments including the very crucial role by the ministry of finance.

He also appreciated the fact that Pakistan was no longer under any IMF programme and was becoming a more self-reliant economy.

While we are borrowing for funding important projects and reforms we are doing so prudently and we are improving our over all debt and economic indicators, he said.

Dr Salman Shah and others updated the prime minister on the latest economic indicators as well as the revenue and expenditure patterns and the various initiatives being undertaken to improve the functioning of the ministry of finance.