ISLAMABAD, Pakistan: Prime Minister Shahid Khaqan Abbasi has said that renowned international rating organizations have recognized upward economic growth of Pakistan despite internal and external challenges.
Khaqan made these remarks while presiding over a meeting of the Federal Cabinet in Islamabad on Tuesday during which the Secretary Finance Division provided a detailed briefing on the overall economic situation of the Country.
His briefing touched various economic issues including key economic indicators, economic growth outlook, real sector growth performance, consumer price index, credit situation, fiscal consolidation, tax collection by Federal Board of Revenue (FBR), workers’ remittances, Foreign Direct Investment (FDI), foreign exchange reserves, balance of payments, public debt and significant developments in Pakistan’s economy.
It was apprised that during Fiscal Year 2016-17, the Country’s Gross Domestic Product (GDP) recorded an increased growth of 5.3 percent, large scale manufacturing achieved 5.6 percent growth, per capita income increased to $1,629 from $1,334 in Fiscal Year 2012-13, and remittances increased to $19.3 billion.
Similarly, the Secretary Finance Division told that the FBR collected Rs 3,362 billion, fiscal deficit has been reduced by 5.8 percent as percentage of the GDP, 8,286 new companies were registered, forex reserves increased to $21.4 billion and FDI witnessed increase of $2.4 billion in Fiscal Year 2016-17.
The Federal Cabinet appreciated the Finance Minister and the Finance Division for their tireless efforts, which had resulted in positive economic turnaround since 2013.
The Cabinet approved amendments in the Guidelines of Prime Minister’s global Sustainable Development Goals (SDGs) achievement programme and amendments in Rules of Business, 1973 after reorganization/creation of new federal ministries and divisions to facilitate and clarify subjects allocated to them.
