PM Khan speaks with global CEOs on strategic priorities in post-pandemic era

The virtual session provided a first-hand look into Pakistan’s post-COVID-19 strategic priorities

Islamabad: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh addressing the second segment of the plenary session of the World Economic Forum (WEF)

on Country Strategy Dialogue (CSD) through video link.—NNI

LAHORE/ISLAMABAD   –  The World Economic Forum yesterday hosted a “Special Dialogue with Prime Minister Imran Khan” for its members and partners, chaired by Forum President Børge Brende. The session gave chief executives from across the world an opportunity to hear directly from the prime minister on the factors behind Pakistan’s resilience to the economic shocks of the pandemic and his country’s post-COVID-19 recovery strategy.

In the virtual session, Khan explained the policy priorities of the Government of Pakistan, including regional connectivity projects like the China-Pakistan Economic Corridor (CPEC), and progress on talks to improve trade flows between Afghanistan and Pakistan following his visit last week to the Afghan capital. Khan also responded to questions from chief executives on promoting a digital economy in Pakistan and improving the enabling environment for long-term investors.

“My aim is for Pakistan’s economy to emerge greener, fairer and stronger from the pandemic. It is crucial for us to work with the international business community and partners like the World Economic Forum to share the important reforms underway here and help global businesses participate in the emerging opportunities in Pakistan,” said Imran Khan, Prime Minister.

“Pakistan’s economy has shown remarkable resilience to the pandemic, placing it in a strong position to rebound quickly from the shock. The Forum convened this dialogue with Prime Minister Khan for global business leaders to discuss the country’s economic response in greater detail and to understand where they could contribute to Pakistan’s ambitious recovery strategy,” said Børge Brende, President, World Economic Forum.

More than 70 members and partners of the World Economic Forum from around the world participated in the virtual session.

Hafeez addresses plenary session of World Economic Forum

Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh addressed the second segment of the plenary session of the World Economic Forum (WEF) on Country Strategy Dialogue (CSD) through video link. During his virtual address, Adviser Finance briefed the forum that the current Government inherited a very precarious economic situation in 2018 and therefore, had to introduce strict financial discipline to curtail excessive Government expenditure, increase revenue collection, introduce market driven exchange rate, remove large tax exemptions and discourage imports. As a consequence, Pakistan witnessed remarkable improvement in fiscal and current account deficits. Similarly, Pakistan had a primary balance surplus which is unprecedented. All fundamental economic indicators reflected significant improvement before COVID-19.

During COVID-19, Government of Pakistan introduced “Smart Lockdown” to balance the imperative to contain the spread of the disease with the need to keep the economy functional. The Smart lockdown allowed many businesses to re-open or continue operations on limited scale to lessen the adverse economic impact and support the vulnerable segment of the society. To provide relief to vulnerable groups especially daily wage earners, Government of Pakistan gave cash payments to 15 million families under “Ehsaas Emergency Cash Program”.

Adviser Finance outlined that amid COVID-19, Government has taken several initiatives to facilitate agriculture and construction sectors to accelerate economic recovery. A relief package for Small Medium Enterprises (SMEs) shielded against insolvency and joblessness. The recent data complements the strengthening and expansion of the economy in ’’recovery’’ mode. Despite COVID-19, Pakistan has registered an upward trend in foreign remittances and FDI which is a clear reflection of confidence in Pakistan’s economy.

Adviser Finance reiterated that the Government firmly supports private sector as an engine of growth and believes in building institutional capacity for sustainable and inclusive economic growth. “We followed a liberal foreign investment regime and introduced measures to promote ease of doing business in the country”, he stated. He said that the current leadership welcomes foreign investors and believes in transparency, accountability and openness. Our agenda is to empower people with key focus on human resource development, Adviser Finance concluded.

Article source: https://nation.com.pk/26-Nov-2020/pm-khan-speaks-with-global-ceos-on-strategic-priorities-in-post-pandemic-era