Economic efforts: ‘Decisions and reforms successful’

Amin says subsidies have been reduced from 3.5% of GDP in 2007-08 to around 1% of the GDP in the 2012-13 budget.

ISLAMABAD: Difficult economic decisions and reforms undertaken by the incumbent government during the past four and a half years have produced positive results, an official of the Ministry of Finance claims. Highlighting the major achievements of the government, Adviser to the Finance Ministry Rana Asad Amin told the APP that the budget deficit had been brought down from 7.6% of the GDP in 2007-08, to 6.6% of the GDP during 2011-12; while it has been estimated to clock in at 4.7% of the GDP in fiscal 2012-13. Amin said that due to the tight monetary policy regime, inflation had been brought down from 25% in 2008 to 11% in fiscal 2011-12, and is estimated to clock in at 9.5% during fiscal 2012-13. He added that subsidies have been reduced from 3.5% of GDP in 2007-08 to around 1% of the GDP in the 2012-13 budget.

Published in The Express Tribune, December 26^th, 2012.