Govt to lay high growth foundation
The PM aide projected that Pakistan’s GDP growth would surpass the target in fiscal year 2021-22 and the momentum would be sustained in the medium term. PHOTO: FILE
The government is committed to introducing growth-oriented measures to stimulate economic betterment with a clear roadmap of strategic priorities, business facilitation, investment opportunities, revenue and expenditure plans, said Finance Adviser Shaukat Tarin.
Speaking at an event titled “Dialogue on the Economy-2021”, organised by the Pakistan Business Council on Thursday, he talked about the economic priorities of the government.
He added that the government aspired to lay the foundation of higher, inclusive and sustainable growth in a bid to enable the country to withstand any kind of shock.
“Such policies stabilise the economy and simultaneously improve growth prospects,” he said. “Prudent fiscal reforms help enhance tax-to-GDP ratio and boost revenue generation.”
Increasing tax collection and expanding the tax base were key objectives of the government’s financial agenda. The priority areas that could boost exports were agriculture, IT and industry modernisation, he pointed out.
“Special Economic Zones have been established to attract foreign investment,” the finance adviser said. “The government is vigorously pursuing ‘Make-in-Pakistan’ policy to promote export-oriented industrialisation in the country.”
He pointed out that the leadership was also making efforts to improve investment climate and attract foreign direct investment to the country.
Tarin also talked about the steps taken to help the underprivileged section of society through social protection programmes, adding that such schemes improved the living standard of vulnerable segments and empowered them.
“The current trend in key economic indicators as well as the recent high frequency indicators is giving encouraging signals about growth.” Tarin projected that Pakistan’s GDP growth would surpass the target in the current fiscal year 2021-22 and the momentum would be sustained in the medium term.
Read Back towards stabilisation of economy
Despite various challenges and risks on the external and domestic fronts, the economy would remain self-reliant and be capable of competing with competitors globally, he emphasised.
The finance adviser was of the view that the country would remain resilient against any shock.
He emphasised that such conferences helped in crystallising the challenges and developed optimal solutions for them.
Meeting on sick units
Separately, the adviser to the prime minister on finance presided over a meeting for the revival of sick and closed industrial units.
Pakistan Corporate Restructuring Company (PCRCL) CEO delivered a presentation on the performance of the enterprise and the initiatives taken to revive sick units and businesses, and clear the balance sheets of banks.
He apprised the meeting of the impediments in the way of successful functioning of PCRCL and sought support of the government.
The adviser supported PCRCL in its endeavours to revive sick and closed units and revitalise the economy.
He stressed the need for structural changes for viable working of PCRCL, capacity building of the management and financial strengthening of the organisation.
The adviser assured PCRCL of his full cooperation and support for the revival of sick units and making them profitable contributors to the economy.
The meeting was attended by the federal minister for industries and production, adviser to prime minister on commerce and investment and finance secretary.
Published in The Express Tribune, December 10th, 2021.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.