GENEVA: Minister for Finance and Revenue Senator Ishaq Dar sought budgetary support to create fiscal space for Pakistan government to continue substantive relief for over 33 million flood-affected people.

“Pakistan’s urgent expectation from this conference is not merely commitment of resources for reconstruction and rehabilitation in short-to-medium term but we are also looking forward for budget inflows and assistance during remainder of current fiscal year,” he said while co-chairing First Plenary Session, ‘Pakistan’s Resilient Recovery Strategy’, during International Conference on ‘Climate Resilient Pakistan’.

“Let me say few words that if considered appropriate by friendly countries, debt swaps and other use of financial instruments tied to relocation of equivalent domestic budgetary resources would also free up these resources to be spent for this noble purpose.”

He said support from friendly countries and multilateral donors would not only help with flood relief and rehabilitation but would also create fiscal space and external debt sustainability for country.

He however clarified that Pakistan remained committed to its international obligation and was on track regarding its macroeconomic fiscal reform agenda “Which focuses on increasing revenues, increasing spending on social programmes, decreasing expenditure to create more fiscal space for reconstruction and rehabilitation phase which we have to undertake in next here years”.

He said Pakistan was carrying out fiscal reforms necessary for long-term recovery and sustainability, however, it urgently needed short-term assistance to navigate through number of challenges.

“We hope that our friends, partners and supporters always stand with us by providing required assistance during this most critical phase of Pakistan,” he added.

He highlighted need for fighting climate change together and expressed gratitude to international community for supporting Pakistan at time of unprecedented crisis.

He said calculation for rehabilitation and reconstruction work was estimated at $ 16.3 billion. Keeping in view size of gross domestic product, Pakistan should be able to contribute $ 8 billion for reconstruction during next three years.

Published in The Daily National Courier, January, 10 2023

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