Not a single penny borrowed from banks in July: economy recovering fast, says Prime Minister

Prime Minister Yousuf Raza Gilani said on Saturday that Pakistan's economy was recovering fast and government had not borrowed a single penny from banks during the first month of the fiscal year 2011-12. He was speaking at the award distribution ceremony of Lahore Chamber of Commerce & Industry.
Governor Punjab Sardar Latif Khosa, Federal Minister for Information and Broadcasting Firdous Ashiq Awan and Federal Minister for Commerce and Trade Makhdoom Amin Fahim were also present on the occasion. The Prime Minister said exports had registered growth at the outset of the new fiscal year. Similarly, he added, the FBR had collected Rs 105 billion tax in July 2011-12, registering an increase of 26 percent.
He said the government had also received $1.1 billion remittances, an increase of 35 percent compared with the corresponding period of last year. According to him, these are good signs for the economy, which is likely to strengthen further. It was the fourth consecutive year the LCCI to invite Prime Minister Gilani for the distribution of annual achievement awards.
He appreciated the business community for outperforming against all adverse circumstances including energy crisis and the global recession. He appreciated the support of business community during the devastating floods of last year. He said the government was trying hard to pull the country and economy out of problems while the business community was performing its duties quite efficiently.
The prime minister said the government had taken a number of initiatives to improve business conditions, including a slash in the cost of doing business. He expressed the hope that these steps would soon bear fruit. On energy crisis, he said the country continued to face a crisis due to delay in decisions by the previous government on energy generation. Now, he said, the energy related issues were being addressed on a priority basis and the situation had improved tremendously.
The prime minister also distributed awards among prominent businessmen on the occasion. Congratulating the Prime Minister on achieving export target, Lahore Chamber President Shahzad Ali Malik stressed the need for consistency in export-related policies.
He said the Lahore Chamber of Commerce and Industry was planning to establish Center for Export Competitiveness with an objective to give awareness to exporters about latest export enhancement methodologies. He said the shortage of energy hampering country's industrial, economic and social growth.
Malik also spoke on the issues of acute energy shortage, "discrimination with Punjab" in gas supply, deteriorating law and order situation, high mark-up rate and public sector enterprises. He said the engine government was required to ensure availability of cheap energy for the industrial sector. He said that establishment of a state-of-the-art Sheikhupura Dry Port by the LCCI would facilitate importers and exporters.
According to him, dairy and livestock sector has a lot of potential. He said the government should improve the infrastructure so that dairy and livestock sector could play its due role in exports boost. He said that promotion of biotechnology was the need of the hour. He informed the participants that LCCI was constructing 150 houses for the flood victims in district Layyah. Possession of 50 houses was given to the flood victims while other 100 houses would be completed soon.