Federal Minister for Finance and Economic Affairs, Dr.Abdul Hafeez Shaikh said on Thursday that the government is planning to formulate a comprehensive economic growth strategy soon to benefit the people.
He stated this while addressing the participants of a growth policy seminar here at local hotel on Thursday.
The seminar was jointly organized by Planning Commission and Department for International Development (DFID-UK).
Deputy Chairman Planning Commission, Dr.Nadeem ul Haq and officials of the Ministry of Finance and Economic Affairs also attended the seminar.
Professor Alan Winters, one of the UK Government’s Chief Economists on the occasion also delivered a lecture on the topic “growth policy”.
Dr. Hafeez said it is the priority of the government that benefits of its policies should reach to all segment of the society specially the poor for the socio economic prosperity of the country.
He said that new growth strategy would also help improve competitiveness, promote investment based on innovation and entrepreneurship and better exploit the potentials of country’s large domestic market.
He added the government wanted to pass on the benefit of its policies to all people not the “chosen few”.
He said that the government is also facilitating the private sector as the engine of the economic growth to achieve this objective.
He said it is not the job of the government to do businesses but its job is to make policies and regulations which promote business activities and economic growth for the prosperity of the country.
He added that the government has initiated prudent economic policies for the prosperity of the country.
The Minister for Finance expressed the hope that during current financial year the exports of the country would cross US $ 22 billion.
He also stressed the need for adopting long term result oriented policies for the economic growth and prosperity of the country.
In his lecture Professor Alan Winters stressed the need for the inextricable link between economic growth and poverty reduction.
He said that economic growth and poverty reduction go hand in hand, getting more people in the jobs lift them out of poverty and creates more consumers, driving more production and demand for services.
He added that as more people in work helps increase tax returns, allowing the government to improve everyone’s living standards by investing in schools, hospitals and other infrastructure.
He also called for promoting both male and female education for the economic development of Pakistan.
He said that Pakistan has talent and potential for economic growth and there is vast mine of latent talent and productivity which needs to be developed and tapped.
The Minister for Finance Dr.Abdul Hafeez Shaikh and Deputy Chairman Planning Commission Dr. Nadeem ul Haq thanked the visiting UK professor to Pakistan and his lecture on growth policy to benefit the policymakers and development experts.