Inflation, oil and commodity prices: Hafeez lists factors affecting Asian economies

Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Sheikh said on Thursday that the challenge of inflation in the region and its vulnerability to volatile oil and commodity prices, were affecting the Asian economy. He stated this while addressing the Governors Round Table meeting of the Asian Development Bank (ADB), which was inaugurated by Prime Minister of Vietnam Nguyen Tan Dung.
The ADB, he said being a knowledge institution should have an in-depth study of various dimensions and dynamics of inflation, impact of global integration on developing countries and effect of capital flows to these countries in terms of raising aggregate demand and development.
He asked them to come up with various options in managing inflation and capital flows both nationally and globally. The Finance Minister also gave a detailed review of the challenges facing Pakistan in the post-flood period and the damage caused by the flood which had impacted seriously on Pakistan's GDP growth.
The Finance Minister, however, assured that efforts made by the government had led to record increase in exports by 26 per cent in the first ten months of the current fiscal year, which are expected to reach US $22 billion. He dilated on the efforts of strengthening of democratic institutions in the country and the highly successful process of devolution of power to the provinces, which will result in improvement in health, education, drinking water, human development, which in fact is meant a visible improvement in the lives of our citizens. The Finance Minister also spoke on the new growth strategy being formulated by Pakistan, which will result in the enhancement of productivity.
The Finance Minister appreciated the Asian Development Bank's support to Pakistan and in its development and commended the leadership of the President of the Asian Development Bank. He also held meetings with Yoshihiko Noda, Finance Minister of Japan, Haruhiko Kuroda, President of the Asian Development Bank, Young Li, Vice Minister of Finance of China.
During these meetings, Dr Shaikh discussed matters of mutual interest and future plans with the leaders of these countries and Institutions who are significant development partners of Pakistan. The keynote addresses were presented Ngyuen van Giau, Governor of the State Bank of Vietnam and the Chairman of the Board of Governors and by Haruhio Karuda, President of the Asian Development Bank.-PR