ISLAMABAD   -  Federal Minister for Finance and Revenue Muhammad Hammad Azhar on Thursday stressed the need for the early completion of projects falling under the umbrella of China Pakistan Economic Corridor (CPEC). 

He said that CPEC is of utmost importance for Pakistan, adding that it will enable the country to enhance industrial production, upgrade energy and communication infrastructure and improve connectivity with the region. The CPEC would generate abundant employment and investment opportunities in Pakistan and beyond, he added. 

Finance minister made these remarks while chairing a meeting regarding economic and industrial cooperation under China Pakistan Economic Cooperation (CPEC) at the Finance Division. Federal Minister for Privatization Muhammad Mian Soomro, Chairman CPEC Authority Lt. Gen (R) Asim Saleem Bajwa, Ambassador of the Peoples Republic of China Nong Rong, Federal Secretary Finance Division and Federal Secretary Privatization Commission participated in the meeting. 

Speaking on the occasion, the Chinese ambassador outlined that CPEC is of immense importance for the Chinese companies and will expand and strengthen economic cooperation for achieving common objectives and guarantee a prosperous future for both the nations. Time is of essence in meeting project deadlines so that the economic benefits could reach to the people of both the countries and contribute towards overall economic growth and development, he stressed. 

The chairman CPEC Authority assured full support and assistance to the Chinese ambassador for expediting progress in the communication and transportation sectors on the occasion. 

Towards the end, the finance minister lauded China for its continuous support in provision of COVID-19 vaccine for fighting the disease effectively. He appreciated the continuous and unwavering support that China has extended to Pakistan during testing times. China-Pakistan bilateral relationship is an epitome of enduring friendship and brotherhood, he concluded.

Minister attends virtual meeting of ministers of MENAP region with IMF MD

Federal Minister for Finance and Revenue, Muhammad Hammad Azhar attended a virtual meeting of the ministers and governors of the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region with the Managing Director of the IMF Kristalina Georgieva. 

The discussion focused on the impact of the pandemic on the economies of the region, lessons learnt through the crisis, and the implications of policy reforms undertaken to mitigate the human and economic impact of the pandemic. 

In her opening remarks, the managing director IMF outlined the risks posed by the recent wave and said that the economic recovery this time around is usually faster as well as nations have learnt lessons on how to handle emerging circumstances in their own peculiar way. She, however, advised caution as going forward the availability of vaccines and its administration would be instrumental for countries to return to normal economic activity. 

She also underscored the importance of having green economies in post-COVID-19 scenario to spearhead economic activities with enhanced energy and resource efficiency and protection of biodiversity and ecosystems. 

Towards the end, Ms Georgieva asked member countries to pursue a coherent strategy, keeping sufficient fiscal space for expansion of social safety nets and business support initiatives. The IMF Board is also deliberating the possibility of extending additional financial support to partner countries during these testing times, she concluded.