Finance Minister Mohammad Ishaq Dar on Wednesday spoke to media in Dubai, alongside officials from the International Monetary Fund (IMF).
Commenting on the latest statistics for the month of March 2017, Dar stated that inflation figures were in line with the expectations.
“Inflation for March 2017 was in order, and, as per the guidance, came out at 4.60 percent,” said the Finance Minister. He further said that inflation stood at 4.01 percent for the 9-month period from July 2016 to March 2017.
Moreover, import of foreign machinery increased more than 40 percent in the period under consideration, highlighted Dar, commenting that increase in industrial activity would, in turn, boost economic growth.
Dar further stated that an improvement in various major industrial sectors was witnessed, including cement, steel, pharmaceuticals, automotive, paper, and electronics. Credit expenses of the private sector, however, amounted to Rs 393b in the first nine months of this fiscal year.
GDP growth was registered at 4.70 percent, primarily on the back of better performance in the agricultural sector mainly comprising of cotton, sugar, maize, and wheat.
Dar also mentioned that interventions were made via the Finance Bill during 2016-17.With regards to the Cabinet’s Economic Coordination Committee (ECC), the Finance Minister mentioned that the government has made efforts to enhance linkages and communication with farmers, especially in terms of lending support to farmers through the pre-set support price.
