ISLAMABAD, January 20: Minister for Energy Hammad Azhar on Thursday expressed the hope that national economy would grow at 5.4 per cent during the current fiscal year.
Addressing a press conference here, the minister said today there was good news for national economy as it registered a growth of 5.37 per cent during the last year against the projected 3.9 per cent growth.
The national economy did not only register a sustainable growth but also country’s exports, remittance and foreign reserves witnessed upward increase during the said period, he said.
He expressed the hope that the country exports would not only cross $ 30 billion bench mark but also the foreign remittance would also remain above $ 30 billion during the current fiscal year.
He said that $ 10-11 billion debt has also returned besides curtailing flow of circular debt to Rs 130 billion during last year.
The minister said the Pakistan Muslim League (PML-N) past achieved 5.4 per cent growth during its last year of tenure but the flow of circular debt was around Rs 450 billion besides sharp decline in exports and country’s highest over current account deficit of $ 20 billion. All the crediting agencies also reduced the ranking of Pakistan during PML-N last year, he added.
He said the PTI government not only achieved 5.37 per cent growth during its third year of rule but also the current account deficit remained below $ 2 billion. The foreign remittance witnessed sharp increase and the revenue collection also registered 35 per cent increased during the last year, he added.
He said the government had to take “tough decisions” to stabilise the economy. Owing to the government’s prudent policies the country’s reserves, exports witnessed an increase and international rating agencies upgraded Pakistan’s economic outlook, he added.
Hammad said agriculture sector registered 3.5 per cent, large scale industry 7.8 per cent and services sector 5.8 per cent increase during the said period.
He said PTI government inherited fragile and weak economy. However, the incumbent government not only put the economy on right track but also achieved all financial targets a despite numerous challenges included COVID-19 pandemic.
The minister said prices of various commodities witnessed increase at international market resulting inflation which was also a challenge for us. The inflation has affected the middle class particularly salaried one. – TLTP
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