ISLAMABAD, Pakistan: Prime Minister Imran Khan has said that the government has tackled both, the economic disaster left by the previous government and the COVID-19 pandemic very well, and now the economy is growing at a sustainable pace.
While chairing a meeting of the Macro Economic Advisory Group in Islamabad, the prime minister said that an increase in large-scale manufacturing and value addition of goods, increased revenues and an increase in exports show that the policy measure taken by the government have started to bear fruit.
The prime minister said that at the end of the current Fiscal Year 2021-22, the economy will be growing at a higher rate as compared to the previous fiscal year.
The meeting was appraised 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 has been acclaimed globally for performing exceptionally well as the incumbent government had to manage the economic disaster left by previous governments.
In addition to that, when the economies were being battered by the adverse effects of COVID, Pakistan not only did well to contain the pandemic but also sustained its growth rate of 3.9%. 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 have led to a contraction in circular debt, 35% growth in revenue with 32% 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 is a positive sign of not only an increase in growth rate but also increased industrial production and value addition which ultimately will bolster the exports and revenues in the case of local consumption.
The meeting was also informed about the progress on the agricultural transformation plan, its positive impacts on the economy and exports. Furthermore, the expected decrease in global fuel prices will help the government to curb inflation and shift the relief to the masses.
Prime Minister Imran Khan welcomed the suggestions given by the members and directed to take measures to shift the relief to the public as soon as possible.
The meeting was attended by the Advisor on Finance Shaukat Fayyaz Tarin, Minister for Energy Hammad Azhar, Minister for Planning Asad Umar, SAPM 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 FBR 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.