World institutions acknowledge positive growth in Pakistan’s economy


ISLAMABAD, June 1 (APP): President, Mamnoon Hussain said Thursday that country’s economy had shown positive growth, which was not only acknowledged by domestic but international economic institutions also.
“According to State Bank and International economic institutions, our economic indicators are healthy,” he said while addressing the joint sitting of the parliament here.
The President said that the growth rate had remained at the highest level of the past ten years and the foreign exchange reserves touched the highest-ever level of $23 billion while the inflation has witnessed remarkable decline.
He said that the Moody’s had endorsed country’s economic indicators which were earlier negative and were now on the path of stability. Similarly, he added, the World Bank has now included Pakistan in the list of the best-performing economies of South Asia.
He said that Pakistan Stock Exchange was continuously manifesting positive trends while State Bank of Pakistan and Securities and Exchange Commission of Pakistan also played an effective role in regulation of the financial sector.
He was of the view that these overviews were indeed satisfactory but these successes would only lead to real happiness if they contributed towards bringing respite and prosperity in the lives of people.
The President said that the petroleum prices showed a declining trend last year, and the benefit was passed directly to the general public, adding that the development expenditure had also increased by three times in the upcoming budget.
“In my opinion, this is the right approach to solve the problems of the people,” he remarked.
He however, stressed the need for paying more attention to other necessities of life including education and health.
He said that forward looking nations invest heavily in human resources and infrastructure for sustainable development to train youth effectively to meet future challenges.
The President said that majority of country’s population consists of youth which was good fortune, adding various scholarship programmes were encouraging factors for their better training.
He expressed the hope that the Ministry of Commerce would look for permanent and effective solution to resolve the problems of export sector which had been facing issues due to the decrease in prices in the international market.
He also lauded three-fold increase in the budget for Benazir Income Support Programme (BISP) and highlighted the importance of devising a strategy to enhance capabilities of beneficiary women through proper training.