PM Imran expresses confidence in economic growth by year-end

Prime Minister Imran Khan on Tuesday said Pakistan’s macroeconomic indicators were stable and expressed confidence that by the end of the current fiscal year 2021-2022, the economy will grow at a higher rate as compared to the previous year.

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

The premier said the increase in large-scale manufacturing and value-addition of goods, an increase in revenues and 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 its exceptional performance as the incumbent government had to manage the economic crisis left by previous governments.

Moreover, when the global economies were struggling to cope with the adverse effects of the coronavirus pandemic, Pakistan not only did well to contain the situation but also sustained the economic growth rate of 3.9 per cent.

Read: Back towards stabilisation of economy

The meeting was also informed about the stable foreign exchange reserves; sustainable structural reforms in the power sector that led to reduction in the country’s circular debt; 35 per cent growth in revenue with 32 per cent growth in tax collection alone; and a surge in the import of industrial raw material, which was a positive sign.

It was also stated that an expected decrease in global fuel prices will help the government curb inflation and shift the relief to the masses.

PM Imran welcomed the suggestions given by the members and directed them to take the relevant measures as soon as possible to shift the relief to the public.

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, and State Bank Governor Reza Baqir, among others.