Thursday, September 29, 2022
HomeGeneralPakistan has re-entered the growth cycle, according to Tarin

Pakistan has re-entered the growth cycle, according to Tarin

ISLAMABAD: Pakistan has resumed its growth trajectory as a result of the government’s innovative pro-growth policies, with the GDP expected to reach 5% this year, according to Tarin.

The finance minister said the government is firmly committed to an all-inclusive and sustainable economic growth, with a key focus on the “bottom-up” approach as envisaged by the prime minister, while speaking at a roundtable meeting organised by the United States Pakistan Business Council (USPBC) in Washington DC.

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The present government inherited a difficult economic situation. As a consequence of prudent policies and fiscal consolidation efforts, the Federal Board of Revenue (FBR) has exceeded the revenue collection target by approximately Rs180 billion during the first quarter of FY 2021/22.

Similarly, Pakistan’s exports are likely to cross $30 billion by the end of the financial year 2021/22, he added.

Moreover, the remittances have registered an increase of $2.7 billion during September 2021 and reached $8 billion during the first quarter of FY22. These figures project continuity in the momentum of GDP growth, which is likely to be close to 5 per cent during the current financial year, the finance minister said.

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Tarin also said that the government is taking a number of initiatives to attract foreign investment in the country. For this purpose, full facilitation is being extended and all hurdles are being removed.

He quoted the example of MetLife whose longstanding issue had been recently resolved.

The government is firmly committed to provide an enabling environment for the foreign investors and businessmen, he said and invited the US enterprises to take advantage of the ample opportunities offered by the Special Economic Zones (SEZs) and affirmed full support and facilitation on the occasion.

Representatives from the US Chamber of Commerce, leading business enterprises, State Bank of Pakistan governor, finance secretary and the ambassador of Pakistan to the US participated in the meeting.

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