PM confident of 1pc increase in economic growth by FY22 end

Macro Economic Advisory Group assures Imran Khan of country's positive economic condition

ISLAMABAD: Prime Minister Imran Khan on Tuesday said that Pakistan’s macroeconomic indicators were stable and expressed confidence that the economy would grow at a higher rate compared with previous year by the end of the current fiscal year (FY22).

He expressed these views while chairing a meeting of the Macro Economic Advisory Group. The meeting was attended by the Adviser on Finance Shaukat Tarin, Minister for Energy Hammad Azhar, Minister for Planning Asad Umar, Special Assistant to PM Dr Shehbaz Gill, SBP Governor Reza Baqir, Dr Rashid Amjad, Dr Syed Salman shah, Saqib Sherani, Dr Ashfaque Hassan Khan, Secretary Finance Hamid Yaqoob Sheikh, FBR Chairman Muhammad Ashfaq Ahmed, Economic Advisor Ministry of Finance Dr Imtiaz Ahmed and concerned senior officials. Dr Ishrat Hussain, Syed Saleem Raza, Dr. Ijaz Nabi, Dr Abid Qayyum Sulheri and Dr Nadeem Ul Haque attended the meeting via video-link.

The premier said the increase in large-scale manufacturing (LSM) and value-addition of goods, increased revenues, and an increase in exports showed that policy measures taken by the government had started to bear fruit.

The premier was apprised about the current economic situation of the country, improving macroeconomic indicators and a comprehensive strategy to further strengthen the economy, helping to sustain the growth rate despite a rise in global commodity prices.

“When the global economies were battered by the adverse effects of the pandemic, Pakistan not only did well to contain the situation but also sustained an economic growth rate of 3.9 per cent,” the meeting was told.

The meeting was also informed that forex reserves were stable and that sustainable structural reforms in the power sector that had led to a contraction in circular debt, 35pc growth in revenue with 3pc growth in tax collection alone, and also an increase in exports including value-added goods and LSM.

The import of industrial raw material has also increased which is a positive sign, the premier was told.

Furthermore, the expected decrease in global fuel prices will help the government to curb inflation and shift the relief to the masses.

 

 

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