ISLAMABAD: Prime Minister Imran Khan has said that Pakistan’s macroeconomic indicators are stable and expressed confidence that by the end of the fiscal year, the economy will grow at a higher rate, compared with the previous year.
He expressed these views, while chairing a meeting of the Macro Economic Advisory Group.
Imran Khan said the increase in large-scale manufacturing and value-addition of goods, increased revenues and an increase in exports showed that the policy measures taken by the government had started to bear fruits.
The meeting 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 the global commodity prices.
The meeting was also informed that Pakistan had been acclaimed globally for performing exceptionally well, as the present government had to manage the economic disaster left by the previous governments.
Also, 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 the economic growth rate of 3.9 per cent.
Still, Pakistan is experiencing a higher growth rate and the current fiscal year is expected to close with an increase of more than one per cent, compared with the previous fiscal year figure.
The meeting was also informed about the stable forex reserves, sustainable structural reforms in the power sector that had led to contraction in the circular debt, 35 per cent growth in revenues with 32 per cent growth in tax collection alone, an increase in exports, including value-added goods and large-scale manufacturing.
The meeting was also informed about an increase in the import of industrial raw materials that was a positive sign.
Further, the expected decrease in the global fuel prices will help the government curb inflation and shift the relief to the masses.
The prime minister welcomed the suggestions given by the members and directed to take measures to shift the relief to public as soon as possible.
Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin, Minister for Energy Hammad Azhar, Minister for Planning Asad Umar, Special Assistant to PM Dr Shehbaz Gill, State Bank of Pakistan Governor Dr Reza Baqir, Dr Rashid Amjad, Dr Syed Salman Shah, Saqib Sherani, Dr Ashfaque Hassan Khan, Finance secretary Hamid Yaqoob Sheikh, Federal Board of Revenue chairman Muhammad Ashfaq Ahmed, Economic Adviser Ministry of Finance Dr Imtiaz Ahmed and relevant senior officials attended the meeting.
Dr Ishrat Husain, Syed Saleem Raza, Dr Ijaz Nabi, Dr Abid Qayyum Sulheri and Dr Nadeem Ul Haque attended the meeting via video-link.
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