Cabinet expresses ...
common people. He appreciated the fact that the overall economic progress achieved during the last three years of the government had set the stage for further progress and development of the country. He noted that the key economic indicators, which were at rock bottom three years ago, have improved remarkably and it will lead to allocating more resources for the welfare of the poor and promoting the development agenda of the government.
The Prime Minister expressed satisfaction over the strategy for increasing revenue collection and emphasized the taxation system should be further strengthened by widening the tax net.
The Prime Minister further said that the government has made efforts to lower the fiscal deficit to a reasonable level by inducting financial discipline in the public sector. He appreciated the contribution being made by expatriate Pakistanis by sending their remittances to Pakistan. He directed that steps should be taken to facilitate overseas Pakistanis to send remittances through banking channels. The Prime Minister also directed the Ministry of Commerce to gear up efforts to increase exports.
The Cabinet meeting took note that while benefits of mega projects in the pipeline will start unfolding from the next year, immediate measures are needed to encourage investment by the private sector.
The Prime Minister said that the current trend of GDP growth would continue to increase employment opportunities for the youth. He noted that with the CPEC projects commissioning in the next few years, there will be huge opportunities for the whole region to benefit.
He said that the Chinese Council has already approved US $ 4.5 billion for projects of SukkurMultan and Havelian-Thakot Motorways. He mentioned that from 1999-2013, successive governments have failed to invest in energy sector and this government has initiated a number of energy projects for power generation. The US$ 34 billion of energy projects under CPEC are investments and not loans, he added. He said that the government will successfully overcome the gas shortage within the tenure of this government.
The Prime Minister further said that all the international financial institutions have acknowledged the economic turnaround of Pakistan. He mentioned that efforts are being made by few political opponents to undermine the country’s economic take off, but the people of Pakistan will not allow them to succeed. The Prime Minister emphasized that we must address the issues of agriculture and manufacturing sectors to boost growth and put in our efforts to further strengthen country’s economy.
The Prime Minister appreciated the performance of the Finance Minister and his team on achieving the goal of economic stability in the country and carrying forward the development agenda. The Prime Minister said that efforts have been made for keeping the inflation rate under control and observed that the average inflation during past three years has remained lowest. He expressed satisfaction that the expected large scale manufacturing at a growth rate of 4.35 % will be highest in the last eight years. The Cabinet after detailed discussion gave approval to the budget strategy paper 2016-17.