“We want to increase our gross domestic product (GDP) and reduce fiscal deficits to control inflation in the country,” says federal finance minister Ishaq Dar. PHOTO: AFP
ISLAMABAD: The government puts revival of the economy, prosperity and stability as its top priority, according to the Finance Minister Ishaq Dar, while talking to a private television channel.
“We want to increase our gross domestic product (GDP) and reduce fiscal deficits to control inflation in the country,” the minister said. The government will initiate an effective price control mechanism to control inflation and provide food items at affordable prices to the people.
Ishaq Dar said economic stability was necessary to save the sovereignty and raise the country’s dignity in the international community.
Talking on the security situation, he said that law and order was necessary to attract foreign investment and ensure economic stability in the country.
A solution to the energy crisis and exterminating extremism were one of the top priorities of the government in order to restore the economic activities and revive the national economy.
According to the finance minister, the government had initiated sound economic and trade policies to create new employment opportunities for the people and eradicate poverty.
Replying to a question, he said that no immediate policy had been under consideration to give the most favoured nation (MFN) status to India. Dar went on to say that maintaining security and reviving economy were considered to be the biggest challenges for Pakistan, and the government wanted to resolve these challenges in consensus with all the political parties of the country.
He said that the government would soon stabilise the value of the local currency against the US dollar and blamed the depreciation of the rupee on smuggling of gold.
Replying to a question, he said that the government had cleared the circular debt of Rs503 billion to independent power producers (IPP), which had restored the confidence of investors in the government’s economic policies.
Replying to a question, he said that the government had initiated policies and structural reforms to broaden the tax regime and was trying to bring tax evaders under the tax net for the prosperity of the country.
The government had successfully reached a loan agreement with the International Monitory Fund (IMF) on Pakistan’s own terms and denied that the loan agreement was reached on the dictation of the Fund.
Published in The Express Tribune, August 15th, 2013.
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COMMENTS (8)
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@Alann:
Why would on earth Pakistan give MFN status to India? Your economy is in melt-down, currency in free-fall, infrastructure in a state of collapse, inflation out of control and poverty at hitherto unknown levels. What would we have to look forward to? The flooding of our markets with cheap, sub-standard Indian goods which we can easily import from our other trading partners without the aggravation of dealing with a nation of 'baniyas' ? Get real.
And anytime you have a tiff with Pakistan, because you are so petty minded, you will threaten to 'turn off the tap' in the forlorn hope that somehow, just somehow, you might be able to damage our economy??? Dream on.
Sell your crap to some other poor unsuspecting suckers!
@Alann: Sir, what commitments are you talking about? If MFN status from India to us did not make a dent in our hatred and domestic political games to accomodate each other how would we loose anything by taking away this status fom India? This status was for trade & commerce and we will be swarmed by Indian goods at the cost of our own manufacturers, that's not good, is it? Also the "more than a billion dollars a month" our expatriots are depositing in Pak banks is way more than $300m in terrorism related and another half a billion annualy strictly for NGO's. I know it was little less than the "poverty assistance" India is getting from UK for many years now. Manipulating of our water by India is no hidden story, please don't try to look nice after decades of scheming out Pak rights.
Ishaq Dar is the same minister who just a few day ago "firmly" said Pakistan doesn't plan to give MFN status to India any time soon. At a time when Pakistan is already in deep trouble and in real terms, has NO money of its own, such "bold" statements are not really going to help Pakistan out of its financial crisis; On the contrary, Dar is pushing Pakistan more into it. India gave Pakistan MFN status 17 years ago, even though it places some trade barriers because it knows Pakistan very well. India also never obstructed Pakistan's river flows in all these years, even during all 4 wars. But Pakistan has not fulfilled even one of its commitments it made to India, in all these years. And now this! Ishaq Dar is not really one of the brightest of Pakistan's Finance Ministers for sure. But then, none ever were.. else the nation would not have been surviving on aids today from taxpayers' money of other countries.
Getting top marks is any student's & his parents top priority. The student tell that to his friends and parents too with confidence. Getting the result need thorough understanding of subjects and lot of sleepless nights, not easy for all. Making an honest claim is one thing, follow through is for devoted & persistent individuals only. Fear of reprisal & strict accountability by public, media & political institutions is only deterrent that a power hungry public leader fear. If a failed student or an officer is rehired then just don't expect anything from him except greed & more luxury.
"Economic revival is top priority".
How are you going to do that Mr Dar when, as an accountant, you know nothing about economics?
Economic revival is his priority and he has already taken the first step in that direction, by increasing the salary and allowances of federal ministers by 50%. Soon there will be honey and butter every where, however, there will be only one problem, that is to find poor who shall get our Fitra and Zakat.
@Lahori: No, they've just reached the talks to get the loan. The amount has not been delivered yet. In your case I'd say less knowledge is always dangerous.
Almost 2 months back, a very proud Dar said with a smirk that we will pay off the circular debt. He got a loan from IMF to pay off the Rs500b to IPPs. Wow, Genius!