Apr 08 , 2016
News
Finance minister briefs IMF delegation on economy
ISLAMABAD: The visiting International Monetary Fund (IMF) delegation led by IMF Middle East and Central Asia Department Director Masood Ahmed, called on Finance Minister Ishaq Dar on Thursday.
Welcoming the delegation, the finance minister shared with the visiting dignitaries a brief overview of the economy, saying that it was on the right track and all economic indicators were moving in the positive direction.
The minister cited the amount of revenue collection by the Federal Board of Revenue and said that prior to the PML-N government, the revenue growth used to be around 2.5 to 3.0%, which has now increased to 19.7%, adding that there has been record revenue collection in the current fiscal year.
Debt to GDP ratio, he said, was continuously declining compared to the previous years. Exchange rate is stable and fiscal deficit has been contained, he remarked.
He said that Pakistan has achieved fiscal consolidation without compromising on expenditures on development and social protection. The minister said that the government has the desire to achieve 6-7% growth within its tenure and for the CFY 2015-16, it is striving to achieve a growth rate of over 5%.
IMF delegation praised the economic reforms undertaken by Pakistan and said that these have helped achieve macroeconomic stability, which is now widely acknowledged. The focus of discussion on Pakistan at IMF has now shifted from economic stability to growth.
The meeting noted that economic growth in Pakistan was better compared to most developing countries, which was laudable keeping in view the economic slow down experienced internationally. The delegation also commented that Pakistan has made remarkable progress in the ongoing IMF Extended Fund Facility programme. This shows how serious the present government was about economic reform, members of the delegation added.
Now it is time for the government to consolidate the gains it has made so far, the delegation noted. Discussion was also held on structural reforms in different sectors being undertaken by Pakistan with special focus on efforts to enhance effectiveness of public sector enterprises. The Privatisation Commission chairman, Benazir Income Support Programme (BISP) chairperson, State Bank of Pakistan governor and senior officials of economic ministries participated in the meeting.
Courtesy www.dailytimes.com.pk