Federal Minister for Finance and Revenue, Muhammad Hammad Azhar attended a virtual meeting of the Ministers and Governors of the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region with the Managing Director of the IMF Ms. Kristalina Georgieva.
The discussion focused on the impact of the pandemic on the economies of the region, lessons learnt through the crisis, and the implications of policy reforms undertaken to mitigate the human and economic impact of the pandemic.
In her opening remarks, the Managing Director IMF outlined the risks posed by the recent wave and said that the economic recovery this time around is usually faster as well as nations have learnt lessons on how to handle emerging circumstances in their own peculiar way. She, however, advised caution as going forward the availability of vaccines and its administration would be instrumental for countries to return to normal economic activity.
She also underscored the importance of having green economies in post-COVID-19 scenario to spearhead economic activities with enhanced energy and resource efficiency and protection of biodiversity and ecosystems.
Towards the end, Ms. Georgieva asked member countries to pursue a coherent strategy, keeping sufficient fiscal space for expansion of social safety nets and business support initiatives. The IMF Board is also deliberating the possibility of extending additional financial support to partner countries during these testing times, she concluded.
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