ISLAMABAD: The government is focusing on achieving the GDP growth rate of over five per cent in ongoing fiscal year 2015-16.
This was stated by Federal Finance Minister Ishaq Dar while chairing the 7th meeting of the Economic Advisory Council (EAC).
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The minister said that most macroeconomic indicators had shown remarkable improvement during the last two and a half years. He referred to the latest figures on GDP growth, revenue collection, fiscal deficit, PSDP, social protection, inflation, remittances, foreign exchange reserves, credit to private and agriculture sector and stated that all of these had markedly improved as compared to the pre-2013 period.
The finance minister asked the members of the EAC to provide guidance to the government for further improving economic management.
The Secretary Finance gave detailed presentation to the committee on the economic progress. He also briefed the meeting on the debt situation and informed that the cost and risk profile and considerably improved during the last two and a half years.
Speaking on the occasion, Convener Dr Ishrat Husain said that economic turnaround witnessed by the country over the last two and a half years as a result of successful implementation of the economic revival agenda of the government. He praised the efforts of the finance minister and the entire economic team for this remarkable achievement in a difficult environment.
Other EAC members, including, Abid Hasan, Razzaq Dawood, Zuberi, Dr. Sania Nishtar, Abid Qayyum Sulehri, Syed Akbar Zaidi, Farrukh Qayyum and Qazi Asmat Isa acknowledged the commendable progress made by the government in revitalizing the economy.
The meeting highlighted that exports can be increased through proper implementation of the recently announced Strategic Trade Policy Framework. Members of the EAC made suggestions related to the potential role of federal equalization grants for removing regional disparities.
The participants also underscored the need for the dissemination of information of the improved economic situation and stated that many achievements of the government are not fully acknowledged by the public due to lack of information. The meeting stresses need for augmenting government’s efforts to expand tax net, simplification of taxation procedures.
