ISLAMABAD: Federal Minister for Planning and Development Asad Uma has said that the current government is determined to establish four economic zones in all provinces. He said that feasibility for ML-1 project has been prepared and some $9 billion would be spent to improve the railway system.
Talking to the media on Tuesday, he siad Pakistan will see economic growth in the coming financial year, as the country would come out of the stabilization period.
He predicted that the growth phase of Pakistan will begin from August 2020. However, he clarified: “I am not saying that we will see six percent growth rate on immediate basis, but the much needed stabilization process would end in coming months.”
Speaking about tax issues, Asad said that any taxation policy introduced should help increase the pace of economic growth. If one uses a tax policy that hampers economic growth, would not increase tax revenue in the long run but diminish it, he added.
“The progress of the economy leads to wealth creation, which is then used to increase tax revenue, it does not work the other way around,” he added.