ISLAMABAD: Federal Finance Minister Ishaq Dar has once again claimed that the government will achieve $15 billion foreign exchange reserves target by December, 31 2014 against the present $14 billion as IMF to release the 3rd and 4th tranches on December 17.
He said this while talking to the office-bearers of APNS. The minister revealed that international experts had predicted if the PML-N government continue, Pakistan would become the 18th economy from 44th by 2050, adding, “We can reduce this time to 2025 by redoubling its efforts to stimulate the economy.”
The finance minister said that during the last four months of the financial year, revenue collection had increased by 14.3 percent and remittances by 15.2 per cent.
Criticising the Pakistan Tehreek-e-Insaf (PTI) sit-in and shutdown calls, Dar said the politics of agitation had a negative impact on the economy, as during the roadshows for Sukuk bond, he met 29 heads of investors and financial institutions and their common question was whether Pakistan would come out of the present political situation.
He said global conspirators exploiting the situation had calculated that Pakistan would default by 2014 but after the PML-N took over, the leadership discussed the problems and moved fast in line with its manifesto and gave economy a new direction. He pointed out that it took years to correct wrongs as there was no magic wand with the government to settle things but it was the resilience of economy that Pakistan did not default and made all the payments.
About other achievements of the government, he said the budget deficit was brought down from 8.8 percent to 8.2 percent in June, 2013. Last year it was brought down to 5.5% and the target for this year was 4.5% and next year it will be 4% , which is considered as reasonable.
