Prime Minister Khan eyes 1% increase in economic growth this year
Fed cabinet for strict action against people involved in Sialkot lynching incident
ISLAMABAD: Prime Minister Imran Khan on Tuesday said Pakistan’s macroeconomic indicators were stable and expressed confidence that by the end of the fiscal year, the economy would grow at a higher rate compared with 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 fruit.
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 global commodity prices. The meeting was informed that Pakistan had been acclaimed globally for performing exceptionally well as the incumbent government had to manage the economic disaster left by 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 percent. Still, Pakistan is experiencing a higher growth rate and the current fiscal year is expected to close with an increase of more than one percent compared to 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 circular debt, 35 percent growth in revenue with 32 percent 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 material that was a positive sign. Furthermore, the expected decrease in global fuel prices will help the government to 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.
The federal cabinet of Pakistan in a meeting under presidency of Prime Minster (PM) Imran Khan on Tuesday demanded enforcement of strict law against culprits of Sialkot lynching incident. According to details, PM held a meeting with the federal cabinet during which he was brief about the current status of Sialkot lynching case; meanwhile, the internal peace and security situation was also discussed.
It is pertinent to mention here that during meeting, the agenda based on 17-written conditions and the terms of Afghan native’s land, air travelling were discussed. Moreover, the meeting was attended by CEOs of GEPCO and TESCO whereas the approval of petrol dealers margin was also approved by the cabinet