TOKYO, MAY 07, (DNA) – Finance Minister Senator Muhammad Ishaq Dar co-chaired along with the Finance Minister of Japan, Mr. Taro Aso the first business session of the 50th annual meeting of the 67 member ADB’s Board of Governors at Yokohama Japan.

The session comprised of member countries’ statements, which inter alia touched upon sustainable and smart infrastructure development and financial cooperation amongst the member countries.

The Finance Minister also attended the Round Table Conference on ‘Responding to Rising Inequality ‘ at Yokohama, Japan.

Speaking on the occasion, the Minister stated that developing world had made remarkable progress particularly in alleviating poverty in last two decades. He added that around 125000 people are coming out of poverty on daily basis globally and Asia is leading this endeavor of reducing poverty through its phenomenal economic growth.

Referring to the economic turnaround in Pakistan, the Minister stated that after having achieved macroeconomic stability, Pakistan is now focused on achieving higher, sustainable and inclusive economic growth. Highlighting the issue of rising inequality, the Minister stated that income inequality was only one aspect of inequality whereas disparities in terms of gender, region etc. also needs to be addressed to ensure sustainable development.

In this regard he referred to the Pakistan’s Vision 2025 which prioritized investments in human capital and social services, recognized the importance of inclusive and balanced growth and shared prosperity aiming at Redressel to geographical and social inequality. He added that present Government in Pakistan strongly believed that benefits of growth must be shared by all segments of society, especially the marginalized groups.

The Minister highlighted the efforts to deal with horizontal and vertical inequalities including access of poor to health and education, endowment fund for education, work on social safety nets, skills development, disaster mitigation, increase in BISP budget allocation, implementation of National Financial Inclusion Strategy (NFIS). The Minister showed confidence that development partners, including ADB would play important role in addressing inequality. Pakistan’s Finance Minister staunchly defends One Belt One Road (OBOR) Initiative amidst Indian Opposition. Financial and economic integration as well as regional connectivity is the name of the game.