Dr. Hafeez Shaikh Assures Swift & Robust Policy Response to COVID-19

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

The adviser was chairing a meeting to evaluate the economic losses suffered by Pakistan 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 Abdul Razak Dawood and senior officials of the Finance Division.

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

Earlier, Governor State Bank of Pakistan M 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 the novel coronavirus.

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 Pakistan in particular. The data presented by ADB also showed promising signs of recovery for Pakistan’s economy in the post-COVID 19 scenarios.

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.