DCC Meeting Witnesses Renewed Commitment from International Development Partners to Foster Pakistan’s Economic Growth

BusinessDCC Meeting Witnesses Renewed Commitment from International Development Partners to Foster Pakistan’s...

ISLAMABAD, Pakistan: The Federal Minister for Finance, Revenue & Economic Affairs Dr. Shamshad Akhtar convened a meeting of the Donor Coordination Committee (DCC) at the Ministry of Economic Affairs on November 20, 2023 in Islamabad.

The Federal Minister highlighted the steadfast and critical support of development partners in supporting Pakistan.

Despite external factors impacting Pakistan’s economy including tightening global financial conditions and rising commodity prices, the successful review of the IMF staff level agreement was a significant achievement.

Dr. Shamshad Akhtar emphasized government’s commitment to macroeconomic adjustment and welcomed ongoing support from development partners.

The minister reported positive signs of economic recovery, expecting GDP growth between 2 to 2.5% in fiscal year 2024, up from 0.5% in fiscal year 2023.

The finance minister stated that the government is actively pursuing reforms in fiscal consolidation, monetary policy, currency market sustainability, energy, business environment, and social safety nets.

Dr. Shamshad Akhtar acknowledged the challenges faced by vulnerable households due to fiscal belt tightening and highlighted the government’s commitment to addressing poverty and improving economic conditions.

Representatives from the World Bank, EU, ADB, USAID, UNDP, Germany, Japan, WFP, IsDB, IFAD, and others expressed congratulations on the successful IMF review.

The development partners pledged continued support to the Government of Pakistan and acknowledged the importance of transparency, alignment with government priorities, and the need for timely disbursement of committed support.

The finance minister expressed gratitude for the support received and emphasized the need for cooperation to track off-budget support.

Drawing attention to the devastating floods in Sindh and Balochistan, she emphasized the critical need for swift and efficient transactions, prioritizing the timely disbursement of committed support to effectively address these challenges.

As the government prepares for the upcoming CoP-28, the chair called for efforts to optimize the capital of Multilateral Development Banks (MDBs) and increase lending headroom. The appeal for debt for nature and debt for social development swaps was reiterated, signalling a commitment to meeting climate finance targets.

Present at the meeting were distinguished ambassadors from Italy, Japan, and Kuwait to Pakistan. Notable international donor agencies in attendance comprised the World Bank, ADB, AFD, USAID, UNDP, JICA, TIKA, WFP, KOICA, FCDO, UNICEF, KfW, and IsDB. Diplomatic representation extended from the Embassies of the United States of America, Republic of Korea, France, Denmark, and People’s Republic of China.

The gathering also welcomed key figures including the Head of Development Cooperation from the European Union (EU), the Head of Cooperation and Counsellor from the Canadian High Commission, the United Nations Resident Coordinator, and the Deputy High Commissioner from the Australian High Commission.

Notably, senior officials from the Ministry of Economic Affairs including the Secretary, Additional Secretaries, and all Joint Secretaries, were also present, contributing to the comprehensive and diverse participation in the meeting.

The meeting concluded with a commitment from development partners to continue dialogue and cooperation.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Ishq Murshid drama

Ishq Murshid Drama Cast, Story, OST, Timings, and more

A new drama starring Bilal Abbas Khan and Dure Fishan Saleem has taken over the internet. Ishq Murshid on HUM TV shows an interesting...

PM Kakar meets Maldivian President, discusses bilateral cooperation

DUBAI, UAE: The Caretaker Prime Minister Anwaar Ul Haq Kakar on Saturday held a bilateral meeting with the President of the Republic of Maldives...

Pakistan, Syrian PMs review bilateral relationship

DUBAI, UAE: The Caretaker Prime Minister Anwaar Ul Haq Kakar met with the Syrian Prime Minister Hussein Arnous on the sidelines of COP 28...

Army Chief witnesses Field Exercise of Bahawalpur Corps

RAWALPINDI, Pakistan: The Chief of Army Staff (COAS) General Syed Asim Munir visited troops at Khairpur Tamewali (KPT) to witness Field Exercise of Bahawalpur...

Hostile politics flaring in Bangladesh ahead of national elections bypassing main opposition

Until 2018, Bangladesh observed 11 parliamentary elections including 1991 and 1996 polls under the neutral "Caretaker Government" system and interestingly all polls were tainted...