Finance Minister, Dr. Abdul Hafeez Sheikh said the government prudent agriculture policy has enabled the country to raise its agriculture products, despite facing a series of natural calamities.
In a meeting with Haruhiko Kuroda, President Asian Development Bank here Sunday, the minister said “We have surplus wheat, sugar and cotton crop due to the wise policies of the democratic government and it will contribute to the well being of the people in rural areas”.
About the economic situation in the country, the Minister said the government is taking measures to bring macro-economic stability in the country while trying to remain fiscally austere. The government is trying to mobilize its resources and has doubled the tax collection during the last two years. Pakistan’s growth rate is expected to be around 4 per cent and the inflation rate will be brought down into single digit, the Minister added.
President of Asian Development Bank, Haruhiko Kuroda appreciated the Pakistan government efforts for maintaining macro-economic stability in the country. He observed that general economic situation in Pakistan is good, he added.
The President of the ADB reassured the construction of Bhasha Dam Project and said ADB will take as a first step to move the technical assistance proposal to the IMF Board. The project will help reduce the energy mix prices of the electricity, he maintained.
Dr. Abdul Hafeez Shaikh also held meeting with his Saudi Counterpart at the margins of 2012 annual meeting of World Bank and IMF at Tokyo.
Both the ministers reviewed the bilateral economic relations. Dr. Shaikh thanked the Saudi Government for the grant of US $ 100 million. The Saudi Finance Minister assured of his country’s full support He reiterated commitment of his government’s financial aid for the ongoing projects in Pakistan.