President Dr Arif Alvi on Wednesday called for streamlining the banking and insurance sectors in the economic interest of the country, Radio Pakistan reported.

Addressing a seminar in Karachi, the president said that the country could be steered on the path of progress by following the teachings of Quaid-e-Azam Muhammad Ali Jinnah and adhering to the constitution.

He said the only way to strengthen democracy is to follow the constitution.

The President said the increase in imports has affected the balance of payments and urged focus on increasing exports to bring the national economy on right track.

President Alvi said resources all over the world have become limited therefore the world is now depending on recycling items.

He said the flow of the money is in the interest of the economy and both the banking and insurance sectors can play an important role in this regard.

He stressed upon the need of carrying out insurance of crops so that losses to the agriculture sector in recent flood-like calamities could be compensated in a better way.

President said there is a need to fully tap the human resources potential of the country by educating and developing its skills.

The address comes as Pakistan looks to desperately revive its stalled IMF bailout programme as talks resumed virtually on Monday. The two sides are now looking to reach an agreement that will unlock funding critical to keep the cash-strapped country afloat.

Federal Minister for Finance and Revenue Ishaq Dar earlier in the day introduced the Finance (Supplementary) Bill, 2023, announcing various amendments that feature fiscal measures of Rs170 billion (approximately $640 million) through additional taxes as agreed with the International Monetary Fund (IMF).