COVID-19 turned economic surpluses upside down: Finance advisor told WB

ISLAMABAD: Finance Advisor Abdul Hafeez Shaikh attended on Thursday a session held by World Bank wherein the global monetary arbitrator ‘commended’ Pakistan’s agenda for economic reforms, ARY News reported.

Abdul Hafeez Shaikh told WB of the gruelling reforms policy and austerity measures undertaken by the government to cut down its expenditure, the notification following the meeting said.

He underscored the situation before COVID-19 outbreak in Pakistan wherein the revenue board could mark a 17 per cent jump in tax collections.

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The novel coronavirus outbreak, he regretted, turned the progress and economic surplus upside down in the world as well as in Pakistan.

According to the notification of the virtual meeting held via a video link, the Pakistani finance head acknowledged the support and relief extended to Pakistan by World Bank.

READ: Hafeez Shaikh apprises IMF conference of steps taken to restore Pakistani economy

World Bank has been the longstanding contributor to our progress and development, the notification recorded Shaikh as saying.

It is pertinent to note that yesterday the finance advisor attended another session, amongst other finance heads of developing countries, over a video conference held by Managing Director International Monetary Fund.

Kristalina Georgieva, IMF MD for Middle East, North Africa, Afghanistan and Pakistan (MENAP) region, hosted a discussion through a video link to deliberate over economies of the countries after COVID-19 hit.

The MENAP countries’ finance heads discussed the situation of their respective economies in the aftermath of the global pandemic outbreak. They noted how the first wave of novel coronavirus pandemic affected world economies devastating businesses, slashing jobs and retarding the GDP growth.