Meeting of the Standing Committee on Economic Affairs Division held

ISLAMABAD, July 26 (SABAH): The meeting of the Standing Committee on Economic Affairs Division convened today at the Parliament House under the chairmanship of Muhammad Atif (MNA) to receive a comprehensive briefing from the Ministry of Economic Affairs Division (EAD) regarding its evolution, mandate, organizational structure, management of foreign economic assistance, external debt, other key functions, challenges faced, and the strategic roadmap for the future.

The briefing, delivered by Dr. Kazim Niaz – Secretary Ministry of Economic Affairs and officials from the Ministry of Economic Affairs Division, provided deep insights into the historical evolution of EAD, highlighting its pivotal role in debt management, loans, external debt and liabilities, government borrowing, external public debt, policies for local NGOs, Joint Ministerial Commission, foreign trainings, Pakistan Technical Assistance Program and project financing. The Ministry underscored its commitment to fostering economic growth, stability, and sustainable development through strategic planning and effective implementation of policies.

A comprehensive overview of EAD’s organizational structure was presented, outlining the various divisions and departments tasked with specific functions aimed at achieving national economic objectives. In addition, the Ministry detailed its central role responsible for coordination with international financial institutions and donor agencies.

Emphasizing Pakistan’s engagement with bilateral and multilateral partners, the Ministry highlighted efforts in securing and effectively utilizing foreign economic assistance to support national development priorities. Detailed insights were provided into the management of Pakistan’s external debt, including strategies for debt sustainability, risk management, and fiscal prudence.

Ministry outlined its role in strengthening partnerships with its development partners, ensuring external resource mobilization, effective portfolio implementation and greater alignment with national priorities.

The briefing candidly addressed the challenges faced by EAD, including shrinking of concessional finance, global inflation, changing in global priorities, national economical outlook, oil & commodity financing issues, differed oil facility, project portfolio issues, no framework for Pakistan Technical Assistance Program (PTAP) and legal challenges to NGOs policy.

Muhammad Atif, Chairman of the Standing Committee on Economic Affairs Division, remarked, “The briefing provided by the Ministry of Economic Affairs Division has been enlightening. It underscores the critical role EAD plays in steering Pakistan’s economic agenda towards sustainable growth and development.” He further added that the committee will join hands and support initiatives that can lead towards economic growth and stability in the country.

Members of the committee stated that, “We remain committed to navigating the challenges ahead while capitalizing on opportunities for economic advancement. Our strategic priorities are aligned with national interests, aiming to achieve robust economic performance and improved living standards for our country.” Members expressed their support for ongoing efforts to strengthen Pakistan’s economic resilience and promote an inclusive and sustainable development agenda.