Dar lists factors behind economic improvement

As a result of tough but comprehensive and deep-rooted economic structural reforms together with stabilisation measures undertaken during last two year, foreign exchanges reserves rose to a record level, inflation fell drastically and international ratings improved significantly. This has been stated by Finance Minister Ishaq Dar in a statement available on the International Monetary Fund (IMF) website for the 2015 annual meetings of the Boards of Governors of the World Bank Group and the IMF.
Dar has further stated that Pakistan's economy is fairly stable and on track for inclusive sustainable growth. The GDP growth was over 4 percent in fiscal year 2014-15. The historic China Pakistan Economic Corridor will open new doors of economic prosperity and regional connectivity, he added. These annual meetings are being held at a time when the global economic environment appears poised for a positive change mainly due to the recent sharp fall in the international oil and commodity prices.
However, there are still significant risks that may hinder global economic recovery, said Dar, adding that it is high time, especially for emerging countries, to undertake necessary long term structural reforms to strengthen their economies on a sustainable basis. "We in Pakistan believe that the Sustainable Development Goals set out an ambitious and transformational vision that will stimulate action in areas of critical importance for humanity.
Pakistan has already taken a significant step by preparing a roadmap for achievement of SDGs through its "Vision 2025" programme which recognises the imperative of people-centered inclusive growth," he added. It is top priority to make the best use of the skills and abilities of our people in our quest for growth and development. Our population projection for 2025 is 227 million people with 63 percent below the age of 30 years.
This is both an opportunity and a challenge. Pakistan will require significant amounts of funds to meet the needs of the growing population in the coming years but will also, at the same time, have more human resource available to boost the country's productive capacity, Dar added. He further said that the recently signed country partnership strategy between Pakistan and the World Bank Group identifies the key areas in which the Bank's support can best assist the country in achieving sustainable development and poverty reduction.