Hafeez Shaikh apprises IMF conference of steps taken to restore economy


ISLAMABAD: Finance advisor Abdul Hafeez Shaikh attended on Wednesday, amongst other finance heads of developing countries, a video conference held by Managing Director International Monetary Fund, ARY News reported.

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.

Pakistan’s Abdul Hafeez Shaikh expanded on the steps the country took to overcome the harms posed by the pandemic and asserted that rejuvenating its economy and restoring employment rate is the country’s prime focus at the moment.

Shaikh said Pakistan will continue to progress on its trajectory to reform its economy at all costs, in spite of the hindrances amid its fight with COVID-19.

READ: Pakistan likely to be removed from FATF grey list in first quarter of 2021: sources

The attendees, including Shaikh, expressed their collective fear that if due steps are not taken to avoid the spread of the virus into its second wave, the repercussions could be even worse.

The representatives unequivocally concurred that developed countries the world over need to channel their focus on finding solutions to health problems.

Moreover, the members present in the conference acknowledged the concessions extended to them by G20 countries by means of discounts and moratoriums on repayment of loans.

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