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02-13-2017, 04:23 AM
https://www.thenews.com.pk/assets/uploads/akhbar/2017-02-13/l_185954_035257_print.jpg Says challenges overcome as per election manifesto; fiscal deficit to be brought to lower than 4 percent; IMF programme completed first time in history; Pakistan’s eco**mic turnaround recognised internationally
LAHORE: Federal Finance Minister Senator Muhammad Ishaq Dar has said the government will **t let the eco**my derail and Pakistan had successfully tapped international capital market four times since 2014 and each time received an overwhelming response.
The finance minister stated this while addressing the closing ceremony of the Colours of Indus 2017 Programme here at the Gover**r’s House. Punjab Gover**r Muhammad Rafique Rajwana and Ali Jamil from the Young Presidents Organisation (YPO) also addressed the ceremony while YPO delegates were also present on the occasion.
The federal minister said the PML-N government has overcome challenges as per its election manifesto. He said the country has completed an IMF programme for the first time in history. He said they will take fiscal deficit to lower than four percent.
He termed the event an excellent way of showcasing rich cultural diversity and abundant opportunities a growing and developing Pakistan offered to young entrepreneurs. Business leaders and entrepreneurs should take advantage of attractive business opportunities and investment climate in Pakistan, he added.
Dar mentioned that when the PML-N government came to power in 2013, the country was facing challenges of unstable macro-eco**mic situation, GDP growth at only 3 percent, foreign reserves below $8 billion, spiraling circular debt, crippling energy shortages and fiscal deficit of 8.8 percent.
However, the government under the leadership of Prime Minister Muhammad Nawaz Sharif set priorities right by focusing on 4 Es – Energy, Eco**my, Elimination of Extremism and Education. He said that the country was **w back on the road to macro-eco**mic stability to achieve higher sustainable and inclusive growth.
Dar said that for the first time Pakistan successfully completed all the 12 reform steps of EFF (Extended Fund Facility) Programme of the International Monetary Fund (IMF) asserting that growth momentum continued to remain above 4 percent for the third year in a row and the GDP growth was registered 4.71 per cent in FY 2016, which is the highest in eight years.
The target for the GDP growth in FY 2017 is around 5.5 percent and 7 percent during FY 2018-19, he added. International organisations, he mentioned, had also recognised Pakistan’s eco**mic turnaround. He said the IMF had raised its GDP growth forecast for Pakistan for FY 2017 from 4.7 to 5 percent and projected GDP growth of 5.5 percent; Asian Development Bank (ADB) raised its GDP forecast for 2017 from 4.8 to 5.2 percent and the World Bank projected 5.2 percent GDP growth in FY 2017 and 5.4 percent in FY 2018.
The Eco**mist also recently ranked Pakistan as the 5th fastest growing global eco**my as well as the fastest growing Muslim eco**my, he said. The federal finance minister asserted that inflation was brought down to less than 3 percent in FY 2016, the lowest in decades and fiscal deficit reduced from 8.2 to 4.6 percent in FY 2016 while on the revenue side tax collection increased by 60 percent over last three years and forex reserves were sufficient for over five months of import cover.
Underprivileged segments of society had been main beneficiaries of recent eco**mic progress, he said and cited that the BISP allocation had nearly tripled from Rs43 billion in FY 2013 to Rs115 billion in FY 2017 and Pakistan had made significant progress in poverty reduction.
Federal Public Sector Development Programme (PSDP) had increased from Rs348 billion in FY 2013 to Rs800 billion in FY 2017, he added. Dar said that recent PwC Report projected Pakistan’s eco**my to be the 20th largest by 2030 and the 16th largest eco**my by 2050 above Italy and Canada.
Under Investment Policy 2013, he said equal treatment was ensured to local and foreign investors, foreign equity up to 100 percent was allowed and there was ** requirement of minimum foreign investment amount due to which various reputable international investors and companies had started investing here.
The minister said the government was implementing a new Ease of Doing Business Reform Strategy with time-bound measures to strengthen the business climate and foster private investments.
Pakistan had recently been moved up four places in the World Bank’s Ease of Doing Business rankings and was also one of the top ten global improvers, he added. He said 32-year-old Companies Ordinance 1984 had been revamped and a new Companies Bill 2016 was under consideration by Parliament.
He added that Pakistan had also become signatory to the OECD Anti-Tax Evasion Convention and the OECD Anti-Bribery Convention was a**ther forum being reviewed by the Pakistan government for joining.
He said that National Power Policy 2013 provided roadmap to overcome energy crisis. The government had actively been working on projects to add 27 000 MW to power generation capacity including 10,000 MW to be added to the system by March 2018. He said that electricity loadshedding had been reduced from 15 hours to 4 hours in rural areas and from 12 hours to 3 hours in urban areas. He said that a campaign against extremism through Operation Zarb-e-Azb and Karachi clean-up operation had led to improved security situation.
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LAHORE: Federal Finance Minister Senator Muhammad Ishaq Dar has said the government will **t let the eco**my derail and Pakistan had successfully tapped international capital market four times since 2014 and each time received an overwhelming response.
The finance minister stated this while addressing the closing ceremony of the Colours of Indus 2017 Programme here at the Gover**r’s House. Punjab Gover**r Muhammad Rafique Rajwana and Ali Jamil from the Young Presidents Organisation (YPO) also addressed the ceremony while YPO delegates were also present on the occasion.
The federal minister said the PML-N government has overcome challenges as per its election manifesto. He said the country has completed an IMF programme for the first time in history. He said they will take fiscal deficit to lower than four percent.
He termed the event an excellent way of showcasing rich cultural diversity and abundant opportunities a growing and developing Pakistan offered to young entrepreneurs. Business leaders and entrepreneurs should take advantage of attractive business opportunities and investment climate in Pakistan, he added.
Dar mentioned that when the PML-N government came to power in 2013, the country was facing challenges of unstable macro-eco**mic situation, GDP growth at only 3 percent, foreign reserves below $8 billion, spiraling circular debt, crippling energy shortages and fiscal deficit of 8.8 percent.
However, the government under the leadership of Prime Minister Muhammad Nawaz Sharif set priorities right by focusing on 4 Es – Energy, Eco**my, Elimination of Extremism and Education. He said that the country was **w back on the road to macro-eco**mic stability to achieve higher sustainable and inclusive growth.
Dar said that for the first time Pakistan successfully completed all the 12 reform steps of EFF (Extended Fund Facility) Programme of the International Monetary Fund (IMF) asserting that growth momentum continued to remain above 4 percent for the third year in a row and the GDP growth was registered 4.71 per cent in FY 2016, which is the highest in eight years.
The target for the GDP growth in FY 2017 is around 5.5 percent and 7 percent during FY 2018-19, he added. International organisations, he mentioned, had also recognised Pakistan’s eco**mic turnaround. He said the IMF had raised its GDP growth forecast for Pakistan for FY 2017 from 4.7 to 5 percent and projected GDP growth of 5.5 percent; Asian Development Bank (ADB) raised its GDP forecast for 2017 from 4.8 to 5.2 percent and the World Bank projected 5.2 percent GDP growth in FY 2017 and 5.4 percent in FY 2018.
The Eco**mist also recently ranked Pakistan as the 5th fastest growing global eco**my as well as the fastest growing Muslim eco**my, he said. The federal finance minister asserted that inflation was brought down to less than 3 percent in FY 2016, the lowest in decades and fiscal deficit reduced from 8.2 to 4.6 percent in FY 2016 while on the revenue side tax collection increased by 60 percent over last three years and forex reserves were sufficient for over five months of import cover.
Underprivileged segments of society had been main beneficiaries of recent eco**mic progress, he said and cited that the BISP allocation had nearly tripled from Rs43 billion in FY 2013 to Rs115 billion in FY 2017 and Pakistan had made significant progress in poverty reduction.
Federal Public Sector Development Programme (PSDP) had increased from Rs348 billion in FY 2013 to Rs800 billion in FY 2017, he added. Dar said that recent PwC Report projected Pakistan’s eco**my to be the 20th largest by 2030 and the 16th largest eco**my by 2050 above Italy and Canada.
Under Investment Policy 2013, he said equal treatment was ensured to local and foreign investors, foreign equity up to 100 percent was allowed and there was ** requirement of minimum foreign investment amount due to which various reputable international investors and companies had started investing here.
The minister said the government was implementing a new Ease of Doing Business Reform Strategy with time-bound measures to strengthen the business climate and foster private investments.
Pakistan had recently been moved up four places in the World Bank’s Ease of Doing Business rankings and was also one of the top ten global improvers, he added. He said 32-year-old Companies Ordinance 1984 had been revamped and a new Companies Bill 2016 was under consideration by Parliament.
He added that Pakistan had also become signatory to the OECD Anti-Tax Evasion Convention and the OECD Anti-Bribery Convention was a**ther forum being reviewed by the Pakistan government for joining.
He said that National Power Policy 2013 provided roadmap to overcome energy crisis. The government had actively been working on projects to add 27 000 MW to power generation capacity including 10,000 MW to be added to the system by March 2018. He said that electricity loadshedding had been reduced from 15 hours to 4 hours in rural areas and from 12 hours to 3 hours in urban areas. He said that a campaign against extremism through Operation Zarb-e-Azb and Karachi clean-up operation had led to improved security situation.
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