Islamabad, May 12 (IANS): Pakistan's Federal Minister for Finance Ishaq Dar said that his country has been taking effective measures to put the economy back on track amid unprecedented challenges.

Short, medium and long-term programmes for all sectors of the national economy are being initiated to enhance the competitiveness of the national economy and strengthen local footprints in regional and global economies, the Minister said while addressing a seminar titled Islamabad Security Dialogue 2023 on Thursday.

Amid challenges like high inflation, increasing trend of commodities in global markets and shrinking fiscal space, Dar added that measures aimed at developing and creating a more inclusive and equitable society are being implemented, promoting social welfare and poverty alleviation.

Talking about the unprecedented floods in 2022, the Minister said that the floods have affected all sectors of the national economy and inflicted losses of more than $31 billion, Xinhua news agency reported.

"The UN agencies and other development partners estimated that Pakistan would require about $16.3 billion for reconstruction and rehabilitation," he added.

Besides, Dar said that the government had banned the import of luxury items and tightened the monetary policy to control rising inflation, adding that it was also striving to attract investment in the country with economic diplomacy to develop the national economy and strengthen relations with other countries.

"Economic security remained key for Pakistan's ability to strengthen its national security and continuity of economic growth and ensure lowing of input cost and success of its internal reforms," he added.