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ISLAMABAD, Oct 27 (APP):State Minister for Finance, Bilal Azhar Kayani on Monday said the country has achieved macro-economic stability and sustainable economic growth in the last one and a half years.
“We have increased the tax-to-Gross Domestic Production (GDP) ratio of the Federal Board of Revenue (FBR) and reduced inflation from 23 percent to 4.5 percent, ” Minister of State Finance Bilal Azhar Kayani said this while addressing a press conference here.
The government has now had to bring sustainable economic growth for the economy through export- led growth and is now fully committed to find a permanent solution, he said.
The privatization process is ongoing, first Woman Bank privatization was successful and there is also hope for development for privatization of Pakistan International Airline (PIA) in the coming month, he said.
Prime Minister Muhammad Shehbaz Sharif has met with business people for three hours, in this meeting, all the business community stakeholders were fully heard and recommendations were taken from them, Kayani said.
He said the business community gave recommendations for a comprehensive strategy to increase the country’s exports and export- led- economic growth.
After this recommendation the Prime Minister, Muhammad Shehbaz Sharif also decided to form a working group for evolving a comprehensive strategy for sustainable economic growth in the country.
Kayani said that working groups were also formed regarding income tax, customs tariff, exports and separate groups were also formed for energy, railways, ports, agriculture and industry.
Giving priority to the private sector of the economy, he said the chairmanships of all these working groups have been given to people from the private sector and recommendations of the working groups will be placed before the Prime Minister, Muhammad Shehbaz Sharif.
The Minister of State said the government wants to make agriculture a source of exports too to achieve sustainable economic growth in the country.
Talking on infrastructural projects, he said that the target is to complete both sections of ML-1 by 2028.
He said that work is being done to activate and rationalize the National Tariff Commission also.
State minister said that the government is committed to a conducive environment for bridging Foreign Direct Investment (FDI) and there is also room for progress in the investment environment in the country.
He said that current macroeconomic stability is a joint effort of all institutions of the country and the government has taken comprehensive Policy measures for revival of the economy.
He said that energy cost fell from Rs. 38/unit to Rs. 23/unit on additional consumption for 3 years and the government has provided relief for industry and agriculture, with certainty.
Kayani said that interest rates halved, access to finance and more affordable and tax structure being rationalized.
The efficiency in the system has provided regulatory ease , faster approvals, simpler procedures, from years, to weeks and days, he said.
The direction is clear from the government for lowering cost and improving ease of doing business to make way for sustainable growth, investment and employment opportunities.