Ishaq Dar highlights Pakistan economic achievements in ADB Summit

Ishaq Dar highlights Pakistan economic achievements in ADB Summit

YOKOHAMA: Finance Minister Senator Muhammad Ishaq Dar Saturday said having achieved macro-economic stability, Pakistan was now focused on realizing higher sustainable growth as part of economic turnaround.

At the Round-Table Conference on the theme 'Responding to Rising Inequality' here on the eve of 50th Annual Meeting of the ADB Board of Governors, the minister said the developing world had made remarkable progress in lowering poverty in last two decades.

Around 125,000 people were coming out of poverty on daily basis globally and Asia was leading that endeavour of reducing poverty through its phenomenal economic growth, Ishaq Dar added.

Referring to the issue of rising inequality, he stated that income inequality was only one aspect of inequality whereas disparities in terms of gender in the region also needed to be addressed to ensure sustainable development.

Pakistan's Vision 2025, which prioritized investments in human capital and social services, recognized the importance of inclusive and balanced growth, and shared prosperity aiming at redressing geographical and social inequality, he added.

Dar said the ruling democratic dispensation in Pakistan strongly believed that benefits of growth must be shared by all segments of society, especially the marginalized groups.

The minister also highlighted the efforts to deal with horizontal and vertical inequalities, including access of the poor to health and education, endowment fund for education, work on social safety nets, skills development, disaster mitigation and increase in the BISP (Benazir Income Support Programme) budget allocation.

He expressed the confidence that development partners, including the ADB, would play an important role in addressing the issue of inequality. (APP)