ISLAMABAD: The federal finance minister Shaukat Tarin spoke on Wednesday in the 77th commission session held virtually by United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP) earlier today speaking particularly on challenges faced by Covid-hit economies, ARY News reported.
He spoke of the 2018 situation right after the incumbent government assumed its term saying that the only reason for turning to the bailouts by the International Monetary Fund (IMF) was because Pakistan experienced a debilitating economy.
Pakistan qualified all the prerequisites set by the global money lender and fulfilled its targets, said Tarin in the 77th commission session today.
#COVID19 has made it difficult for several developing economies in #AsiaPacific to service their external debts. At a #CS77 side-event by #Pakistan today, @UNECOSOC and top officials shared their experiences and proposed solutions to address the debt situation. pic.twitter.com/PvqzmGu5Cc
— United Nations ESCAP (@UNESCAP) April 28, 2021
It’s after the Covid outbreak that the country spiraled downward into a worse set of crises financially and experienced challenges unforeseen, the newly appointed finance minister said in his virtual address.
Our government doled out a financial aid package to the most terribly hit businesses and sectors to help them retain and brave the global pandemic and ensuing disasters, Tarin said.
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Of the relief packaged handed out by the government amid the Covid-led lockdown, he said 16 million families were aided by that package so their sustenance could be ensured during the lockdown scene.
Noting that debt-servicing is the most difficult during this time, he said the development partners of Pakistan must heed this concern and help Pakistan steer out of this situation while they can.