Advisor to Prime Minister on Finance and Economic Affairs, Shaukat Tarin, held a meeting with Simon McDonald, Adviser to British Prime Minister on Foreign and Defence Policy here on Tuesday.
Tarin briefed the visiting British Advisor on matters relating to Pakistan's ongoing, interaction with world communities on matters of multilateral economic interest and Pakistan's recent overall policy initiatives for peace and development in the region. Both sides also discussed the existing politico-economic scene in South Asian region and Britain's commitment to improve the overall social conditions focusing world peace.
Tarin shared with visiting dignitary his perception of institutional framework of GOP's eco-planning structure during 1960s decade that produced best possible portfolio planning that was transplanted by then emerging economies like Korea for attaining its development goals. Existing banking system in Pakistan that witnessed consumer-based growth, in the short term, supported Pakistan's economy, but subsequent rise in international market petroleum prices led to downslide in development, Tarin added.
Pakistan currently is passing through hard times in consequence of the global economic crisis impact that has led to home-stitching of domestic economy. Pakistan has developed its home-grown economic stabilisation plan that is based on a set of hard decisions but, in the final analysis, it is likely to address GOP's existing economy-based stressing issues like fiscal deficit, balance of payments, energy scarcity and others, he explained. Both sides agreed that recent downslide in international market oil prices is likely to ease existing economic pressures.
Adviser to British Prime Minister briefed McDonald on his evaluation of world economic crisis and its consequential impact on regional nations. How the world communities can enter into partnership to revive their respective economies through a pool of workable plans were also discussed.