Hafeez assures swift, robust policy response to COVID-19

Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has asked the international development partners and the government agencies to continue evaluating the losses suffered by the Pakistan economy due to COVID-19 to help the government come up with a swift and robust policy response.

He was chairing a meeting held here on Friday to evaluate the economic losses suffered by the Pakistan economy due to COVID-19. The meeting was also attended by Minister for Industries and Production Mr. Hammad Azhar, Adviser to the Prime Minister on Commerce and Investment Mr. Abdul Razak Dawood and senior officials of the Finance Division.

Dr Abdul Hafeez Shaikh appreciated what he called an excellent work done by the Planning Commission, the State Bank of Pakistan and the development partners in assessing and evaluating the losses suffered by the Pakistan economy in the wake of COVID-19.

He said that the government had announced its Rs 1.2 trillion stimulus package not only to help the businesses but also the poorest segments of our population in alleviating their miseries and suffering.

Earlier, Governor State Bank of Pakistan Mr. Reza Baqir who attended the meeting on Zoom, presented a detailed analysis of the State Bank of Pakistan as well as its policy response to the economic impact of COVID-19.   

Xiaohong Yang, Country Director for Asian Development Bank in Pakistan, also gave a detailed presentation on the economic losses suffered by countries in Asia in general and by Pakistan in particular in the wake of Coronavirus. The data presented by ADB also showed promising signs of recovery in Pakistan economy in the post-COVID 19 scenario.

During the meeting, Julien Harneis, United Nations Resident Coordinator Humanitarian Coordinator in Pakistan, and Patchamuthu Illangovan, Country Director of the World Bank in Pakistan, also provided similar data.

Asif Saeed, Member Planning Commission, also presented a detailed report prepared on the instruction of the Government on the economic losses suffered by the economy due to COVID-19.