Prime Minister Imran Khan said on Tuesday that the country’s macroeconomic indicators were stable and expressed the confidence that by the end of fiscal year 2021-22, the economy would grow at a higher rate compared with the previous year.
Chairing a meeting of the Macro Economic Advisory Group, Imran said that the increase in large-scale manufacturing (LSM) and value addition of goods had pushed up revenues.
He added increase in exports showed that the policy measures taken by the government had started bearing fruit.
The meeting was apprised of the current economic situation in the country, improving macroeconomic indicators and a comprehensive strategy to further strengthen the economy, helping sustain the growth rate despite a rise in global commodity prices.
The participants of the meeting were also informed that Pakistan had been acclaimed globally for performing exceptionally well, as the government had to manage the economic mess left by previous administrations.
Also, when the global economies were battered by the adverse effects of the coronavirus pandemic, Pakistan not only did well to contain the situation but also achieved economic growth of 3.9%.
Still, Pakistan was experiencing higher growth and the current fiscal year was expected to close with an increase of more than one percentage point compared to the previous fiscal year.
The meeting was informed about the stable forex reserves, sustainable structural reforms in the power sector that had led to the contraction of circular debt, 35% growth in revenue with 32% growth in tax collection alone, increase in exports, including value-added goods and LSM.
The meeting was further informed about the increase in the import of industrial raw material, which was a positive sign.
Furthermore, the expected decrease in global fuel prices would help the government curb inflation and provide relief to the masses.
The prime minister welcomed the suggestions given by the members and gave directives for taking measures to provide relief to the public as soon as possible.
The meeting was attended by Adviser on Finance Shaukat Tarin, Energy Minister Hammad Azhar, Planning Minister Asad Umar, Special Assistant Dr Shehbaz Gill, State Bank Governor Reza Baqir, Dr Rashid Amjad, Dr Syed Salman Shah, Saqib Sherani, Dr Ashfaque Hassan Khan, Finance Secretary Hamid Yaqoob Sheikh, Federal Board of Revenue Chairman Ashfaq Ahmed, Economic Adviser at Finance Ministry Dr Imtiaz Ahmed and other senior officials.
Published in The Express Tribune, December 8th, 2021.
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