News
Sunday, August 12, 2012
PM calls for strict financial discipline under all situations* Hopes for better economic growth
* Finance minister says overall economic indicators showing positive trend
Staff Report
ISLAMABAD: Stressing strict fiscal discipline at all costs, Prime Minister Raja Pervez Ashraf on Saturday hoped that improvement in the economic situation would have a positive impact on the development and progress of the country.
Finance Minister Dr Abdul Hafeez Shaikh called on the premier at the PM’s House and briefed him about the current economic situation of the country.
The finance minister said that overall economic indicators were showing a positive trend. He said that the macro-economic indicators have started showing improvement as a result of fiscal and economic policies being pursued by the government.
The prime minister praised the efforts of the economic team and hoped that improvement in the economic situation would have a positive impact on the development and progress of the country.
According to official sources, Prime Minister Raja was briefed about economic indicators and it was informed that the provisional federal tax collection have been recorded at Rs 113 billion in July 2012. He was also informed that tax collection would pick up in coming months owing to budgetary measures announced in the budget 2012-13.
During July 2012, Pakistani exports amounted to $2.057 billion as compared to $2.157 billion exports during July 2011, indicating a decline of 4.64 percent.
Imports of the country were recorded at $3.662 billion during July 2012 as against the imports of $3.689 billion in July 2011, projecting decrease of 0.73 percent. The mismatch between exports and imports have remained intact as the trade deficit amounted to $1.605 billion during July 2012 as compared with $1.532 billion deficit during July 2011, showing an increase of 4.7 percent. However, the inflation rate in Pakistan was recorded at single digit of 9.6 percent in July 2012, showing declining trend right at the start of the fiscal year 2012-13.
Meanwhile, federal ministers Manzoor Wattoo and Senator Mir Israrullah Zehri also called on Prime Minister Raja.
The ministers praised the PM for his successful visits to the Thar Coal Project and Pakistan Steel Mills which according to them would help to revitalise these projects of national importance and boost the country’s economy.
Wattoo briefed the premier about the developmental schemes in his area. Raja assured him that the federal government would extend necessary financial assistance in completion of the projects.
The PM said that his government attached great importance to the welfare of the people and gave priority to initiation and completion of developmental projects, particularly in the rural areas.
Senator Zehri briefed the PM about the affairs of his ministry. He also apprised the premier about the ongoing developmental schemes in his area.
The prime minister issued instructions for release of funds for expeditious completion of the developmental projects relating to electrification and water supply so that the people could benefit from them.
Raja said further the completion of tenure by parliament would strengthen democracy.Courtesy www.dailytimes.com.pk