WASHINGTON: Finance Minister Ishaq Dar has highlighted remarkable economic achievements before a big gathering of students and faculty members of John Hopkins University (USA) on the topic “Pakistan’s Economic Recovery and Its Emerging Role in the Region”.
Ishaq Dar, who is in the United States these days to attend meetings with IMF and World Bank, told the students that FBR revenue had increased by 16.4pc, rising from Rs1946 billion to Rs2266 billion during FY 2013-14 as compare to 3 per cent growth it registered in FY 2012-13, adding Fiscal deficit had been brought down to 5.7pc in FY 2013-14.
He said that development spending was recorded at Rs441 billion in FY 2013-14 against the revised target of Rs425 billion, saying, “Our government has made full development spending, which rose by 36pc from actual spending of Rs324 billion during FY 2012-13”.
Ishaq Dar said that exports of the country were recorded at $25.13 billion during FY 2013-14 as compared to $24.46 billion during FY 2012-13, showing growth of 2.73pc, while imports were recorded at $45.11 billion during FY 2013-14 compared to $44.95 billion during FY 2012-13. He said that remittances rose to $15.83 billion during FY 2013-14 as compared to $13.93 billion recorded during FY 2012-13, which is just the result of strong economic policies.
About Foreign Exchange Reserves, he said that official reserves, which had declined to a precarious level when in June 2013 they stood at $6 billion, of which $2 billion were due to a swap that was payable in August.
The federal minister said that Pakistan achieved these remarkable recoveries during a very short period of time, adding, “Despite a poor economy was inherited to PML-N government, Prime Minister Nawaz Sharif faced the challenges with bravely and introduced deep-rooted economic reforms, such as tax measures and adjustment in administered prices.
