Additionally, the payment of circular debts has commenced and the government has paid off Rs500 billion of these debts. New records of an increase in the sale and purchase of shares were made on the stock exchange as well. The strong business indexes allured many delegations of foreign investors to Pakistan and they expressed their full confidence in the government’s economic policies in their meetings with Prime Minister Nawaz Sharif.
The International Monetary Fund (IMF) authorities, in their meetings with Finance Minister Ishaq Dar in Dubai and Washington, said that steps taken by the government of Pakistan were in the right direction.
Additionally, there has been an increase in the money remitted home by expatriate Pakistanis. The solid efforts to handle the energy crisis have led to a marked reduction in load-shedding. Tax collection has also recorded a prominent increase.
Economic activities have gained momentum as a result of the increase in forex reserves, increase in the value of the rupee against the dollar and a reduction in the prices of petroleum products. The increase in gross national product and decrease in inflation have also had a salutary effect.
Express News spoke with economist Dr Ashfaq Hasan Khan who said overall economic progress is visible in the country. “We should not get into numbers game because sometimes numbers prove to be dangerous, but we should also praise the PML-N government and the finance minister for their efforts,” he said.
Economist Rashid Amjad told Express News that the increase in the value of the rupee against the dollar is welcome but we need to keep an eye on it. The reduction in the prices of petroleum products is also welcome and this will certainly benefit the common man by reducing transportation charges. He said that the federal and provincial ministers will have to ensure that the prices of the commodities of the common man’s use are reduced as a result of the lower fares and transportation charges.
Published in The Express Tribune, April 2nd, 2014.
COMMENTS (11)
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@Usman: You may choose to ignore the improving economy with excuses but do western newspapers like NYT and ratings groups like S & P know less than you? In Canada, we have been hearing positive reports on the Pakistani economy many months before the 1.5 billion dollar gift of Saudis. I know you are desperate to downplay any positive growth in economy but thankfully we have western newspapers to confirm the obvious betterment in outlook for Pakistan.
@Usman,
You are forgetting that Pakistan returned around $3 Billion to IMF that was borrowed by Zardari regime
We'll done ..Pml n .ANd some people need Burnol.
@usman.. well said
So Ashfaq Hasan Khan is at it again. Having sung praises of Hafiz Pasha, Shahid Burki, Sartaj Aziz, Ishaq Dar (in the earlier term), Shaukat Aziz, Slaman Shah and now Ishaq Dar again, he can easily claim the title of an economic Amir Khusro.
@Usman: How many times we got $1.5 billion in past 5 years, and how many times our currency got appreciated with that?
FBR is not targeting any specific group, they are not doing anything actually to increase tax collection. But our nation's problem is, whoever gets tax filing notice starts complaining about rest.
Petroleum price is still Rs 8 higher than it was Under Zardari. Dollar is still Rs 1 higher than it was under zardari regime. Exter and internal debit is about Rs 2 trillion higher than it was under zardari regime. Reserves are still $6b lower than they were under zardari and you want us to believe that their performance is yielding results.
Why ET doesn't do an article of the INFLATION in the last 10 months of PMLN govt ? The common man has no concern with the numbers on paper, the only concern is the inflation, commodity prices and job availability.
It is long process. Whenever you feel complacent, compare yourself with neighbors for now and West later on. Good job so far.
Allow me, for our collective benefit, to shed light on the government's achievements: . 1- The Rupee gained strength only because of the $1.5 Billion in exchange of a shift in our foreign policy. This was hard cash, there was no long term commitment from Saudi Arabia to assist Pakistani immigrants in jail over there to return home. We will pay a price much more than $1.5Billion in return. Same is true for the reduction in price of petrol. . 2- The government has failed to tax the most prolific tax evaders, the parliamentarians, neither has the government succeeded in taxing big corporations, or industry heavy weights. Instead, the FBR has started targeting already stretched hard working middle class to fill this gap, its tax net has actually reduced. . 3- Increase in remittances of overseas Pakistanis is not a government achievement. Neither is Metro Bus, nor Motorway. These are all paid for by the public exchequer. Their achievement is, however, appointment of an unqualified PM's daughter to handle billions of rupees of public loans, and mismanagement of the Islamabad Airport.