PM chairs meeting to review economic situation

ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani has directed the Minister for Finance to constitute a wing or a cell in the Ministry of Finance tasked to expedite resolution of issues regarding release of allocations to concerned Ministries/Departments and the provincial governments.He, however, stressed upon the need of efficient functioning of all the Ministries/Departments specifically those involved in the restructuring of the Public Sector Enterprises to speed up the decision making process.The Prime Minister was chairing  meeting of the financial team of the government here at the Prime Minister House late Tuesday afternoon to review the overall economic situation of the country.The Prime Minister further directed the Ministry of Finance to evolve a mechanism for monitoring the progress in resolving the issues pertaining to different Ministries/Departments and the provincial governments.

He instructed that his office should be regularly updated on developments in such cases.
The Prime Minister stressed upon expediting the reforms and restructuring of the Public Sector Enterprises on fast track basis, to help minimize their expenditures.He directed that all the Public Sector Enterprises should follow a time frame for restructuring and revamping.While commenting on the prevailing economic situation and the upcoming needs the Prime Minister said that the government is constrained to take difficult decisions but these are in the national interest to achieve self reliance.The economic pressures, he said are a result of the problems the government inherited including  providing subsidies in various sectors of economy.The problems multiplied with global recession, increased oil prices and the devastating floods, he said, adding, if appropriate measures and reforms are not adopted, the whole nation is likely to face the consequences with high inflation and unemployment.The government is determined to bring the economy back on the track ensuring least burden on the poor and vulnerable, he added.

Earlier Minister for Finance Dr. Abdul Hafeez Sheikh, Minister of State for Finance Hina Rabbani Khar, Deputy Chairman Planning Commission Dr. Nadeem ul Haq, Secretary Finance Salman Siddique and Chairman FBR Sohail Ahmed briefed the Prime Minister on the state of National Economy and the economic difficulties in reducing the gradually increasing gap between the income and expenditures.The Secretary Finance in his presentation apprised the participants of the measures taken for structural economic reforms resulting in gradual recovery of economic growth.The reforms if not undertaken he mentioned could affect the growth rate besides high inflation. The increasing needs in various sectors particularly energy as well as Public Sector Enterprises could pose difficulties for the Federal Budget, he added.He expressed the confidence that the economic reforms can help bring the economy back on rails and attain sustainable economic growth – App