The World Bank and the International Monetary Fund (IMF) have warned member states that oil prices will continue to surge and they should plan their budgets and economic development projects accordingly, spokesman of the finance ministry Dr Ashfaq Hassan Khan said here on Thursday. He was talking to Business Recorder on his arrival after attending a two-day annual meeting of the World Bank, 184-nation IMF and finance ministers of the seven developed countries (group of seven) in Washington.
He said the energy situation, rising oil prices and their effects on developing countries' economies dominated the meeting in which advisor to the prime minister Dr Salman Shah, State Bank governor Dr Ishrat Hussain and finance secretary Naveed Ahsan represented Pakistan.
Dr Ashfaq said the meeting apprehended the slow pace of world economic growth because of high oil prices, therefore, member states should take caution to conserve energy, develop alternate energy sources, reducing dependence on oil.
He said after attending the two-day meeting of the World Bank and IMF in Washington, the four-member Pakistan delegation also met US think tanks, bankers, investors and economic planners and briefed them about economic and political stability in Pakistan.
Dr Ashfaq said members of the delegation also met credit rating agencies, Moody's, along with Standard and Poor in New York and informed them about the growing strength and strong fundamentals of the Pakistan economy.
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