Cabi­net ex­presses ...

Pakistan Observer - - IN­TER­NA­TIONAL -

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.

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