Finance Minister Ishaq Dar has said that there are risks for Pakistan including other developing countries due to recession in global economy.
Addressing gathering of National Security Workshop at Institute for Strategic Studies, Research and Analysis, National Defence University in Islamabad, Finance Minister said that the country was facing economic instability, electricity load shedding and security issues, while the performance in agriculture, industry and services sectors was poor.
Besides, inflation was high and foreign reserves were very low; hence the current government succeeded to resolve all those issues and ensured financial stability.
Dar further said that after coming into power in 2013, the government took necessary and difficult steps to avoid predicted default, and ensure fiscal discipline and consolidation.
He said the government undertook structural reforms, including restructuring Pubic Sector Enterprises and other measures including reduction in un-targeted subsidies and broadened the tax base.
Ishaq Dar said that measures were also taken to build foreign exchange reserves, contain inflation and overcome energy shortages.
He said now Pakistan’s ratings have been improved by Rating Agency as acknowledgement of our achievements.
The Minister noted that the slowdown in the global economy has posed a risk for Pakistan like other developing economies. He said that the strengthening of the energy infrastructure and improving the security situation will be the key to achieving higher levels of growth in Pakistan.
