Govt to resolve economic issues, says finance minister

KARACHI: Caretaker Finance Minister Dr Shamshad Akhtar on Thursday said that the government was committed to resolving structural issues faced by the economy.

Speaking at the roundtable conference on “Journey to an Insured Pakistan”, organised by the Securities and Exchange Commission of Pakistan (SECP), Dr Akhtar highlighted the importance of reducing the fiscal deficit, strengthening forex reserves, and fulfilling the $3bn Stand-by Arrangement with IMF for restoring international confidence in Pakistan.

She also underscored the significant role played by the insurance industry in enhancing private sector growth and bolstering the capital market.

The roundtable was a single-day event, divided into two sessions i.e. one with the professionals of non-life industry and the other with the professionals of life industry. The roundtable was aimed at fostering an open and collaborative environment between stakeholders to work together to shape the future of the insurance industry.

SECP Chairman Akif Saeed highlighted the importance of the strategic plans to improve insurance penetration in Pakistan and cited international models where successful execution of long-term strategies steered the insurance sector’s growth, adaptability, and responsiveness to evolving needs and market conditions.

Furthermore, while underscoring the potential of insurance in Pakistan, he also pointed to the importance of the creation of a shared strategic direction to overcome the underlying challenges.