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ISLAMABAD – Pakistan on Tuesday reiterated its desire to help Afghanistan on economic front to address socio-economic challenges in the neighbouring country.
Minister for Economic Affairs Omar Ayub Khan chaired a high-level meeting to discuss bilateral economic cooperation with Afghanistan. The meeting was attended by Minister for National Food Security & Research Syed Fakhar Imam, SAPM on National Security & Strategic Policy Planning Moeed W Yusuf, Governor SBP Reza Baqir, Chairman WAPDA Lt-Gen (R) Muzammil Hussain and other senior officials.
The minister for economic affairs highlighted importance of bilateral economic assistance for Afghanistan in context of the current situation. The minister said, “We are keen to support people of Afghanistan to address their socio-economic challenges. It was further discussed that in order to save lives and livelihood of the Afghan people, immediate technical and financial support is required on humanitarian basis.” The minister also said that Pakistan had already implemented 20 projects costing US $148.35 million in various sectors including education, health and infrastructure while 9 other projects costing US $221.83 million were under execution in Afghanistan. Pakistan has also provided 3,000 Allama Muhammad Iqbal Scholarships to Afghan students in various disciplines.
To save lives of people, immediate technical and financial support is required on humanitarian basis
Minister for National Food Security & Research Syed Fakhar Imam expressed that reports regarding a severe food crisis for over 14 million Afghan people are alarming. Expressing his concern over the situation, the minister stressed on the need of support and solidarity of the international community for people of Afghanistan.
State Bank of Pakistan (SBP) Governor Reza Baqir presented various options to support Da Afghanistan Bank (Central Bank) for its smooth functioning; and to achieve price stability and help manage economic fluctuations.
SAPM on National Security and Strategic Policy Planning Moeed W Yusuf stated that a coordinated effort was need of the hour to avoid overlapping of resources. He apprised that on the directions of the Prime Minister National Security Division had also started consultations with various stakeholders for workable policy options. The participants appreciated the efforts of EAD for arranging the meeting for meaningful consultation with all the relevant stakeholders.
Afghanistan has been facing an acute shortage of US dollars since the Taliban takeover, creating fears of an economic collapse. Pakistan has decided to help Afghanistan. Federal Minister of Finance and Revenue Shaukat Tarin had already told the Senate Standing Committee on Finance that trade with Afghanistan would be in rupee now as the new government wanted to save its dollar reserves.
However, the State Bank of Pakistan (SBP) has yet to issue a notification over doing trade with Afghanistan in Pakistani rupees. According to the business community, bilateral trade between Pakistan and Afghanistan has already dropped by 50 percent due to multiple issues in the neighbouring country. Afghanistan is not in position to trade in dollars due to its shortage.