Finance minister claims economic growth beyond forecast

Federal Minister of Finance Hammad Azhar has said that the country’s economy will grow sustainably and beyond the anticipated figures and forecasts.

In a set of tweets on Tuesday night, the minister said the economy will “grow at a faster rate than earlier forecasts”.

“Starting from next fiscal year, we will be targeting an even higher growth rate that may exceed 4 per cent per annum,” he claimed. “This growth will not be based on deficits or depleting reserves but will be sustainable.”

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He added that the country is seeing healthy growth in revenues and that the government is confident in achieving our targets.

Whilst we will continue to crackdown on tax evasion, we will treat tax broadening as a real priority and not just a cliche. Solid programmes will be devised for this objective.

In its World Economic Outlook report – released at the start of the IMF’s and World Bank’s spring meetings- the International Monetary Fund (IMF) shared that the GDP growth for Pakistan remained at negative (-) 0.4pc during 2020. It said that the GDP growth would remain at 1.5pc during the ongoing fiscal year and would witness an upward trend to touch the 4pc mark in 2022.

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