ISLAMABAD: Finance Minister Ishaq Dar chaired a meeting on Monday to review the economic performance of the country during the first six months of the fiscal year 2016-17.
The finance minister noted that the GDP growth appeared to be on upward trajectory and inflation was steady below 4 percent in December 2016. The average inflation during the corresponding period was recorded at 3.88 percent, reflecting continued price stability.
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Dar added that the Federal Board of Revenue’s performance increased by 7 percent during the period. The department also experienced shortfall in initial months, largely on account of giving relief to consumers on petroleum products together with sales tax refunds of Rs 45 billion.
On the expenditure side, the performance was on track as expenditure was allowed in a prudent manner in accordance with budget. The finance minister, while expressing satisfaction on recent economic performance, noted that economic activities are picking up, investments are taking place, particularly in CPEC-related projects which would further accelerate economic activities.
After the recent understanding with Chinese authorities, the scope of CPEC has been extended by including water security, Karachi Circular Railway, mass transit program for Balochistan, projects for Khyber Pakhtunkhwa, and rehabilitation of railways.
He remarked that going forward, Pakistan would experience rising growth and more job opportunities will be created. The meeting was attended by the finance secretary and senior officials of the Ministry of Finance.
