Pakistan’s inclusion in MSCU emerging market list historic: Dar

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Finance Minister grieved over death of Amjad Sabri

ISLAMABAD, June 15 (APP): Federal Minister for Finance, Mohammad
Ishaq Dar Wednesday termed the inclusion of US based index provider
Morgan Stanley Capital International (MSCU) in the list of emerging markets as historical and reflective of the right direction of  Pakistan’s economy.

After achieving economic stability by the government, now  the focus would be on economic growth for the prosperity  of the country.

“It has been a good partnership with International  Monetary Fund (IMF) and by end of this month, the last review with  the fund would be held after which there will be no need  of another programme with the fund,” he said while  addressing participants at an event of Securities and Exchange Commission of Pakistan (SECP) held to mark the inclusion of Pakistan in the list of emerging markets here.

Chairman Privatization Commission (PC), Muhammad  Zubair, Chairman, SECP, Zafar ul Haq Hijazi, Chairman,  Pakistan Stock Exchange, Munir Kamal and Chairman, Federal Board  of Revenues (FBR), Nisar Mohammad Khan were also present.

Ishaq Dar said, the partner with IMF was excellent and  he thanked the fund and its team for helping Pakistan in  stabilizing its economy.

He said, Pakistan was excluded from the prestigious list  of emerging markets in year 2008 and after three years of hectic  efforts and prudent policies of the present government, the country  has been able to enter the list which is a historic achievement.

He said, after three years of efforts, the government  merged three stock exchanges of Karachi, Lahore and Islamabad into  one stock exchange called Pakistan Stock Exchange.

The Minister attributed this success to the hard work of  the present government through its prudent policies and  good governance which resulted into the marked improvements  in various economic indicators including the best performance  of stock exchanges.

He expressed the hope that inclusion of Pakistan  into emerging markets would help attract huge foreign investment  in the country and its fruits would trickle down to the masses.

Ishaq Dar said, it would also help achieve the set  economic targets of the government and also congratulated the nation  on this achievement.

He said, the entire world has been recognizing  Pakistan’s economic improvement and its indicators.

He said, the foreign exchange would be enhanced to US $ 22 billion
in a few weeks by setting a new record.

He said, under the vision of Prime Minister Nawaz Sharif,  a roadmap has already been formulated and efforts are being made  to fully implement it for the benefit of the country and its masses.

Ishaq Dar said, the agriculture sector has been given top priority
in the budget 2016-17 and added, economy should be separated from politics asking the political parties to get united for a charter of economy.

He said, to achieve the tax collection target set for FBR was
a difficult task, but during thelast three years the collection had been
increased to 60 per cent.

Speaking on the occasion, Muhammad Zubair said, it was  historic day for Pakistan and he also congratulated the nation on that achievement.

He said, the government made very difficult and bold decisions in
the past three years as a result, the economy has recovered remarkably.

Chairman, Pakistan Stock Exchange, Munir Kamal also appreciated the
government for this achievement and attributed it to the
prudent policies of the government.

He said, Pakistan would be able to become one of the biggest stock
markets in Asia.