Four percent growth expected: Hafeez

Finance Minister Dr Abdul Hafeez Shaikh on Saturday said growth in economic sector is picking up in Pakistan and it is expected to be around four percent this year. The Finance Minister said this during a meeting with UK Secretary of State Justine Greening on the sidelines of the annual meetings of WB and IMF being held in Tokyo.
Highlighting the socio-economic situation, the minister said that it is for the first time in the history of Pakistan that true democratic transition is taking place and the economy is in good condition. "We have considerable foreign reserves", the minister added. He said that democracy is getting strong foothold in Pakistan where all the institutions are working efficiently and independently.
Despite some security problems, the government has succeeded in improving the economic conditions of the country, he added. Hafeez said, "We have achieved an increase of 28 percent in our exports and the GDP growth rate is expected to be around 4 percent this year."
He said that the government has eliminated 392 small levies from the country and the custom duty on imports has been slashed in order to open the economy to attract the foreign direct investment. He said due to the government''s tax reforms, revenue collection has been doubled since 2008.
The minister said that the government is pursuing regional balance in development focusing on Balochistan, Gilgit-Baltistan and FATA where special projects have been launched to improve the socio-economic conditions of the people. He said that after 7th NFC award the provinces have been given more resources to improve the socio-economic conditions of the people.
Justine Greening, UK Secretary of State appreciated the reforms brought about by the present democratic government in Pakistan. She said that United Kingdom will continue its support to Pakistan to improve the economy and reduce the poverty. Hafeez Shaikh also held meeting with his Afghan counterpart. Both the ministers reviewed the economic relations between the two countries.
They agreed to continue further mutual co-operation in different spheres for the socio-economic development in the region. He also participated in the Development Committee Meeting of the IMF. The meeting was addressed by World Bank Group President Dr Jim Yong Kim and IMF Managing Director Ms Christine Lagarde and the finance ministers from the different regions.-PR