PM confident of 1pc increase in economic growth by fiscal year’s end

PM confident of 1pc increase in economic growth by fiscal year’s end

ISLAMABAD, Dec 7 (APP): Prime Minister Imran Khan on Tuesday said Pakistan’s macroeconomic indicators were stable and expressed confidence that by the end of the fiscal year, the economy would grow at a higher rate compared with previous year.

He expressed these views while chairing a meeting of the Macro Economic Advisory Group.

Imran Khan said the increase in large-scale manufacturing and value-addition of goods, increased revenues and an increase in exports showed that the policy measures taken by the government had started to bear fruit.

The meeting was apprised about the current economic situation of the country, improving macroeconomic indicators and a comprehensive strategy to further strengthen the economy, helping to sustain the growth rate despite a rise in global commodity prices.

The meeting was informed that Pakistan had been acclaimed globally for performing exceptionally well as the incumbent government had to manage the economic disaster left by previous governments.

Also, when the global economies were battered by the adverse effects of the pandemic, Pakistan not only did well to contain the situation but also sustained the economic growth rate of 3.9 percent.

Still, Pakistan is experiencing a higher growth rate and the current fiscal year is expected to close with an increase of more than one percent compared to the previous fiscal year figure.

The meeting was also informed about the stable forex reserves, sustainable structural reforms in the power sector that had led to contraction in circular debt, 35 percent growth in revenue with 32 percent growth in tax collection alone, an increase in exports including value-added goods and large scale manufacturing.

The meeting was also informed about an increase in the import of industrial raw material that was a positive sign.

Furthermore, the expected decrease in global fuel prices will help the government to curb inflation and shift the relief to the masses.

The prime minister welcomed the suggestions given by the members and directed to take measures to shift the relief to public as soon as possible.

The meeting was attended by the Adviser on Finance Shaukat Tarin, Minister for Energy Hammad Azhar, Minister for Planning Asad Umar, Special Assistant to PM Dr. Shehbaz Gill, Governor State Bank Reza Baqir, Dr Rashid Amjad, Dr. Syed Salman shah, Saqib Sherani, Dr Ashfaque Hassan Khan, Secretary Finance Hamid Yaqoob Sheikh, Chairman Federal Board of Revenue Muhammad Ashfaq Ahmed, Economic Advisor Ministry of Finance Dr Imtiaz Ahmed and concerned senior officials. Dr. Ishrat Hussain, Syed Saleem Raza, Dr. Ijaz Nabi, Dr Abid Qayyum Sulheri and Dr. Nadeem Ul Haque attended the meeting via video-link.