LAHORE: Federal Minister for Finance Shaukat Tarin Saturday said the country was in dire need of inclusive and sustainable growth for which we need to enhance revenues and promote productive sectors, including agriculture.
While addressing the Alumni dinner of the Institute of Business Administration of the Punjab University, Tarin said the only way to avoid the International Monetary Fund and the World Bank Programs is sustainable growth.
Punjab University vice chancellor Dr Niaz Ahmed Akhter and director IBA Dr Muqqadas Rehman also spoke on the occasion.
Tarin said that when saving rate is low we need loans to increase the growth rate. "When current account deficit increases the growth stops," He said.
He also said he took charge as finance minister on the request of Prime Minister Imran Khan because he is an honest man.
During his speech he announced that he will request federal education minister Shafqat Mahmood that he will ask Higher Education Commission of Pakistan to give funds to IBA for research. He said that government has allocated Rs 100 billion for HEC in this budget.
He said that after taking the charge as finance minister he constituted economic advisory committee adding that committee pointed out the sectors which have the potential for growth. The committee also pointed out the factors which were creating hindrances in the growth.
He further said that he had faced National Accountability Bureau cases for nine years but nothing was proved against him.
While pointing out the factors which destroy the economy of Pakistan finance minister said that nationalisation and Pakistan's involvement in Afghan war in 1981. He said that as a result of Pakistan's involvement in Afghanistan after 9/11 Talibanisation increases.
Copyright Business Recorder, 2021