Thank you, Mr Dar!

Dar has been working strenuously to uplift the economic situation of the country.

Over a year ago, Pakistan’s economy was in a critical state; according to some experts, it was close to collapse. The capital inflow rate was extremely poor and simultaneously, the financial inflow had plummeted. Poor maintenance of law and order ensured that foreign investments were kept at an arm’s length from the economy.

Last year, the gross domestic product (GDP) — one of the key economic indicators — stood at just two per cent, heralding severe economic downturn. On the other hand, the fiscal deficit was raised to 5.8 per cent of the total size of the country’s economy and the inflation rate exceeded 15 per cent, pushing down the buying power of currency and causing living standards to worsen.  On June 12, 2013, the budget for 2013-2014 addressed crucial issues pertaining to an increase in revenue collection, seeking increase in non-tax revenues, cutting non-targeted power subsidies, restructuring loss-making public sector entities and seeking increased development to kick-start the economy. Since then, the government has been working to uphold its promises. The State Bank’s quarterly report for the first quarter for 2013-14 bears testimony to the improvement seen within the span of a year. The general sentiment that the masses hold in the country is a little less than optimistic, consistently pointing out flaws even in improved situations.

The country’s GDP grew by five per cent during the first quarter of the current fiscal year compared to only 2.9 per cent in the corresponding quarter of the previous fiscal year, according to the report. The efforts put in by Finance Minister Ishaq Dar are more than commendable. He has proved that he keeps his word. The man has been working strenuously to uplift the economic situation of the country.

With an almost a consistent increase in the central bank’s foreign exchange reserves, standing at $7,240 million currently, Dar has managed to make the country a potential ground for foreign investment. For once, let us appreciate the efforts being made in the economic domain, regardless of the government’s performance in other arenas.

Published in The Express Tribune, May 24^th, 2014.