Comprehensive policy framework to manage current crisis prepared

ISLAMABAD (APP) - The Government has prepared a comprehensive policy framework to manage the current economic crisis with a stabilization programme with adequate safeguards for protecting the poor and most vulnerable with income support, insurance and other mechanisms.
“Our first priority is to take decisive action to restore growth momentum and microeconomic and macroeconomic stability”, Shaukat Tarin Advisor to the Prime Minister on Finance and Economic Affairs, while addressing the participants of the 5th Citi-PPAF Micro-entrepreneurship Aaward-2008 here at a local hotel this morning.
Shaukat Tarin said the government is fully cognizant of the fact that there are accumulated twin imbalances of trade and fiscal deficits that need adjustment.
“We are equally alive to the fact that if timely and well sequenced action is not initiated immediately it will lead to substantial economic setback reflected by depreciation of the rupee further and high inflationary pressures”, he remarked. Chief Executive Officer (CEO) of PPAF Kamal Hyat and Citi Country Officer/MD Arif Usmani also spoke on the occasion. He maintained that the country is facing a number of difficult challenges on the economic and financial fronts.
On one hand, he said they emanate from a precarious global situation and on the other hand they are structural and domestic nature. He added that the first priority is to take decisive action to restore growth momentum and micro economic stability. He further said that a simultaneous focus is on identification and rectification of structural weaknesses of the economy over the medium term with sound strategies, development priorities and institutional improvements. “There is firm resolve and commitment on our part to address these weaknesses”, he remarked.
Shaukat Tarin added that in order to effectively overcome the current crisis there is need for national ownership and buy-in at all levels and every Pakistani needs to work towards effective implementation and eventual success of the policies being put in place.