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Dr. Abdul Hafeez Shaikh, Minister for Privatization and Investment, Monday
said from a stagnant and declining economy, Pakistan today was amongst "the
fastest growing" economy in Asia. He was delivering keynote address at the
annual meeting of the United Nations Economic and Social Council with the
Bretton Woods Institutions, WTO and UNCTAD, on 'Promoting investments in the
low income countries'. The Federal Minister cited Pakistan as an example of
how good national policies and good governance could turn around some of the
worst performing economies. He told the participants that in Pakistan, which
was also a low income country, the foreign direct investment and remittances
had more than doubled in three years, as a result of the important reform
initiatives undertaken by the government and the attractive investment
incentives given to the foreign investors.
Dr. Shaikh highlighted some of the innovative instruments needed for enhancing
capital flows to low-income countries and called upon the donor countries to
reach out to help those countries that are serious about helping themselves.
He stressed that important decisions were required at the forthcoming UN
Summit meeting of world leaders in September to address the global development
challenges.
Reviewing the progress of the global development agenda, he exhorted both
developing and donor countries to take the difficult decisions necessary for
meeting the Millennium Development Goals (MDGs). Domestic reforms and proper
governance was necessary, even if not sufficient in the contemporary world.
The objective of the event is to address issues of coherence, coordination and
cooperation as follow up to the international conference on financing and
development. The intention is to create a free-flowing dialogue between a
panel of Ministers, senior officials and the high level participants of ECOSOC.
The meeting has special significance as a first of a series of key events
aimed to contribute to an effective outcome of the September Summit, which
will review the implementation of the Millennium Declaration. Earlier, the
Minister also chaired a Roundtable on the subject 'Trade, Investment and
Private Flows.' Ideas were developed on reducing the cost of reserves held by
developing countries, for promoting steady capital flows and private-public
partnerships for private investments in infrastructure. The annual spring
meeting of the ECOSOC brings together finance and development Ministers,
senior executives and officials of international financial and trade
institutions to discuss global economic and development issues in the follow
up to the International Conference on Financing for Development in 2002. The
focus of discussions this year, was on policies and strategies for achieving
MDGs through the expansion of trade, investment and private flows as well as
through enhanced ODA, debt reduction and cancellation and provision of
additional resources through innovative sources of financing. In his closing
remarks, the President of ECOSOC, Ambassador Munir Akram of Pakistan
underscored the importance of taking actions in three important areas in the
year 2005. He emphasized continued coordination and cooperation between the
World Trade Organization, IMF and World Bank and UNCTAD, and a clear
demonstration of leadership by the member states in their respective capitals
to achieve these objectives.
Secondly, he added there was need for a sincere reaffirmation by everyone to
fulfill commitments already made to achieve international development goals.
Thirdly, he stressed "greater equity and fairness in global macro-economic
environment." Important participants in the meeting this year included the UN
Secretary General, Mr. Travor Manuel the Chairman of the World Bank
Development Committee and Finance Minister of South Africa, Ms. Mary Whelan,
President of the UNCTAD and Development Board, Mr. Agustin Carstens, Deputy
Managing Director, IMF and several Ministers from developed and developing
countries and many Executive Directors of the World Bank and IMF.