Prime Minister, Shaukat Aziz said on Saturday that with the country getting economic strength and realising higher economic growth rates due to prudent economic policies over the last five years, the latest data shows per capita income has risen to all-time high $846.
He stated this while briefing a delegation of All Pakistan Newspapers Society (APNS) about the country's economic performance, achievements and other economic related matters including the prices of consumer items here at the PM House.
Shaukat Aziz said the government intends to provide relief to the common man through a number of budgetary and non-budgetary measures in the forthcoming budget for the fiscal year 2006-07. He said the government has already taken some bold steps to check the prices of sugar and cement.
Underlining some reasons behind the hike in prices, the Prime Minister said it was owing to the shortfall in domestic production of sugarcane last year as well as the price trends in international market, mainly driven by the increase in oil prices at global level.
He, however, added with the import of one million tonnes of sugar last year and adequate orders already placed for the import of commodity this year, the situation has improved to some extent and will improve further in the days and months ahead.
Shaukat Aziz informed the delegation that due to the economic reforms, the country's debt has come down from over 100 percent of GDP in 1999 to less than 60 percent at present.
He said the government also intends to take some measures to check the prices of pulses, including gram, masoor, mash and moong.
Regarding the privatisation programme, the Prime Minister said the privatisation process of various public sector entities, cleared by the Cabinet Committee on Privatisation (CCOP), was clear and transparent.
He said the income tax reforms, which made the entire system transparent and taxpayers-friendly, have started to bring results with sustained growth in tax collections.
To a question, the Prime minister said oil and gas sector reforms, spearheaded over the last few years with transparent regulatory and price mechanisms in place, have also brought about improvement in this sector.
He said the prices of petroleum products have been linked with the international market, adding, however the government has made adjustment in the domestic petroleum prices only once during the last six months.
The Prime Minister said that despite the devastating October 8, 2005 earthquake and the unprecedented increase in oil prices, the government has been successful in maintaining the growth rates.
To a question about the Karachi Stock Exchange, the Prime Minister said, "we are proud of our capital market, as there was a lot of interest of investors from home and abroad. Foreign portfolio shows the confidence of investors in our capital market and economy."
He said the government has the regulatory role in the market and price fluctuations are driven by market forces. Price fluctuations are recorded everywhere, even in the Wall Street, he added.
But, he said, "we have had a world-class systematic reforms in our capital market, with all stakeholders including regulators, managers, brokers and investors playing their role in their respective areas."
Minister for Information and Broadcasting Mohammad Ali Durrani, State Minister for Information and Broadcasting Tariq Azeem, Secretary Information and Broadcasting Shahid Rafi and senior officials of the ministry were also present in the meeting.
Later, the Prime Minister met a delegation of Broadcasters Association, headed by Mir Shakeelur Rehman, who apprised him of the problems, being faced by the electronic media.
Shaukat Aziz asked the information ministry to have detailed meetings with the association to help resolve their problems.