Tarin for evolving consensus on macroeconomic stabilization to sustain growth

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin, chairing the first session of the Economic Advisory Council (EAC) after its re-constitution Thursday, emphasized the importance of evolving consensus on macro-economic stabilization measures and reform agenda for an inclusive and sustained economic growth after taking all stakeholders on board.

The finance minister formulated sub-groups and assigned areas for further deliberation and directed to firm-up proposals after seeking input from all concerned, emphasizing to present short, medium and long-term plans with respective timelines for an effective way forward.

The minister appreciated the innovative ideas given by the members and urged active participation of key stakeholders in evolving consensus for sound economic planning.

He underscored importance of provincial participation in concerned areas for working out holistic solutions to the current economic problems adding that EAC was a well-informed and well-represented forum comprising of official and private representatives.

He stressed the need for instilling confidence and building public sentiment for sustainable and all-inclusive economic growth, expressing the hope that collective decision-making would help in putting an end to repeated boom-and-bust cycles which played havoc with our national economy over the years.

The EAC would follow a consultative process and suggest policy initiatives to optimize and further strengthen the financial and economic policies aimed at enhancing public welfare, according to press statement issued by the finance ministry.

The council would meet frequently and members would present recommendations before the Committee for detailed discussion, the statement added.

Earlier, the SAPM on Revenue Dr. Waqar Masood made a detailed presentation and outlined key priority areas for productive discussion including sustained and inclusive economic growth, employment generation, price stability mechanism, tax reforms, Housing sector, Ease of Doing Business, pension reforms, rationalization of subsidies, food security, revamping power and energy sectors, social protection network, health and improvement in overall governance.