Trickledown effect of economic stability benefitting masses: Nawaz

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif Friday said that Pakistan remains committed to jointly work with the SAARC member states to get the people of the South Asian region out of clutches of poverty illiteracy and other social ills.

He was addressing the inaugural session of the 8th meeting of Finance Ministers of the South Asian Association for Regional Cooperation (SAARC) countries here.

Prime Minister Sharif called for making the organisation more efficient practical and responsive to the expectations of people and in this regard urged all SAARC member states, Secretariat, regional centres and specialised bodies to make coordinated sustained and resolute efforts.

He said Pakistan believes in SAARC solution to the regional issues by fully supporting all the initiatives taken by it.

He said Pakistan also supported all initiatives taken under the SAARC.

He said Pakistan has also been a strong advocate for stepping up regional efforts to ensure energy security for sharing of indigenous sources of energy.

He said Pakistan believes that road rail and air connectivity were critical to the progress and prosperity of the region.

“We believe that SAARC must position itself to engage interested states and organisations to develop win-win complementarities for social economic progress in the region.

The prime minister shared Pakistan s successful economic comeback and said his government has brought economic stability to the country.

“Our government is continuing with the reforms for strengthening the legal regulatory and supervisory framework aimed at safeguarding stability.”

He said the country’s reform strategy was aimed at enhancing ease of doing business and flow of foreign direct investments.

He said upgrading by international financial institutions has brought the national economy on track.

He said performance of the banking sector was also steady with higher earnings and robust solvency.

“The trickledown effect of macroeconomic stability was benefitting the masses.”

Nawaz Sharif said Pakistan was ready to fulfilling the hopes and aspirations of the people of the region.

“We believe that despite numerous challenges SAARC has made commendable progress in promoting greater regional integration in South Asia.”

The Prime Minister welcomed the delegates to Islamabad and hoped they would come up with useful recommendations to make the organisation more viable and effective.

He hoped the deliberations of the conference on Custom, double taxation, economic and financial cooperation and impact of global economic situation in South Asia region would definitely give more meaning to the SAARC economies.

He said the outcome of the meeting would complement the agenda of the 19th SAARC summit to be hosted by Pakistan on Nov 9 10.

The Finance secretaries of the SAARC member countries met here Thursday to finalize agenda for the Ministerial conference.

The event was attended by Finance Ministers Secretaries heads of respective State Banks senior officials and diplomats.

Finance Minister Ishaq Dar welcomed the delegates and called for intensification of efforts for greater collaboration for the betterment of the people of the region and to make SAARC a successful regional organisation.