Finance Minister Senator Ishaq Dar on Wednesday urged the Islamic Development Bank (IDB) to help member countries reform their governance structures, remove structural disparities through growth and development in an equitable and sustainable manner.
The "IDB management must reflect on contemporary global economic realities if it has to remain as effective in the future as it has proved in recent times," Dar added. He was addressing the 39th meeting of Board of Governors (BoG) of Islamic Development Bank (IDB) in Jeddah, according to a press statement issued by the Ministry of Finance here.
Dar said the OIC member countries produced only 10.9 percent of the world total GDP, which according to the available economic forecasts, would not improve significantly in the short-term.
On the other hand, the share of the OIC countries in the total GDP of developing countries group had declined steadily and was currently recorded at 22.2 percent, he added.
Moreover, intra-Islamic world economic disparities were also visible in the fact that only 10 countries produced 73.4 percent of the total OIC countries' output, he said.
The minister appreciated IDB's efforts in generously supporting Pakistan in its efforts to put the economy on a high growth trajectory by bringing about necessary structural changes for a sustained and inclusive growth.
Talking about the overall situation of Pakistan, Dar said the country had experienced a triumphant return to democracy.
The new governments at national and sub-national levels that took office after the general elections was 2013, had generated hope, expectancy and economic activity in the country, he added. He said the government was concentrating upon economic and social progress to strengthen the economy and enhance its inclusiveness. He further said "the new government has adopted strategies to overcome the country's macroeconomic challenges."
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