Those earning $2 a day should also be counted as poor: Dar

 

ISLAMABAD: Finance Minister Muhammad Ishaq Dar on Sunday said poverty needs to be defined afresh and those earning US $2 a day should also be considered poor.
Speaking at the first business session at the 47th annual meeting of the Asian Development Bank (ADB) Board of Governors in Astana, Kazakstan, Dar said the national economy would hopefully grow by over 4 percent during the current fiscal year (2013-14).

Inflation would remain in a single digits due to growth in both the agricultural and industrial sectors, Dar said, adding that the fiscal deficit had been reduced to around 6 percent through an increase in revenues, reduction in expenditure and positive growth in exports and remittances.

Necessary domestic reforms were being undertaken as the government preferred regional integration through increased connectivity and enhanced preferential arrangements, he added. He outlined the government’s strategies for overcoming the macro-economic challenges, according to a statement issued by the Finance Ministry here.

It said during the Constituency Breakfast Meeting, Dar suggested that the ADB revise the absolute poverty line from $1.25 per day to $2 per day in conformity with the latest revision adopted by the International Monetary Fund (IMF).

The minister stated thatpresently 2.4 billion people were living below the poverty line of $2 a day.During the Governor’s Plenary Session, the minister highlighted the government’s response to the recent natural disasters in Pakistan and future strategy of the National Disaster Management Authority (NDMA) of Pakistan. He emphasised the need to reduce exposure to natural hazards and disasters.

He suggested that the development partners such as the ADB, World Bank and IMF devise different strategies and action plans for promoting disaster risk reduction programmes. He said these institutions could benefit from Pakistan’s experiences.

Dar invited Finance Minister and Deputy Prime Minister Bakhyt Sultanov and President Nursultan Nazarbayev to visit Pakistan this year. He requested Sultanov to consider measures for easing the movement of people along with enhanced cooperation in the areas of trade, investment banking and finance.

The World Bank also appreciated Finance Minister Ishaq Dar’s vision, hard work, kindness and courage to tackle difficult issues the country has been facing.In a letter written to Dar with regard to Pakistan Day, WB Vice President (South Asia Region) Philippe Le Hourou said the Board was appreciative of the actions taken by Pakistan.

Le Houerou advised Pakistan to stay the course, and for the World Bank Group to stay engaged in Pakistan’s development. “I am happy to report that it really was a ‘Pakistan Day’ and Pakistan was shinning. It is very clear that we owe this success to the strong leadership of the prime minister and to the finance minister personally”, Le Houerou added.