Revenues register 18.2pc growth due to Govt's prudent policies, says Dar
World Bank Group President Jim Yong Kim on Tuesday underlined the need for investing in people to make Pakistan a successful economy of the world. "Providing best education and health care facilities to the people would help them offering good performance in every field of life for the economic growth of the country", he said while addressing a meeting held here on Tuesday. Finance Minister, Mohammad Ishaq Dar, Minister for Planning, Development and Reforms, Ahsan Iqbal, federal ministers and other senior officials of the government attended the meeting. He quoted from sayings of founder of the nation Quid-e-Azam Muhammad Ali Jinnah of "Unity, Faith and Discipline" and self devotion to duties adding that if these principles were followed, Pakistan could become next great success story.
The WB President said Pakistan was passing through a critical phase of develop- ment and the government could play a historical role in the development of the economy during next two years. He stressed the need on investing in people specially in early childhood education and provision of health facilities to further boost economic growth in the country.
He said private sector of any country could play vital role in the economic development and Pakistan should also strengthen its private sector by providing incentives to the sector. Kim said Pakistan was now on the right track and it could become the next great success story of the world. He said the World Bank was ready to offer its experience with Pakistan for making a sustainable growth. He said every country needed to take tough decision and structural reforms to consolidate its economy and Pakistan should also do the same.
"Due to good policies of the government, Pakistan has survived from being bankrupt", he remarked. Mohammad Ishaq Dar in his welcome remarks said due to prudent reform initiatives of the government, the tax to GDP ratio had risen from 8.5 percent to 10 percent while the revenues had registered 18.2 percent growth. "We are on the track and economic indicators are showing improvement", he added. Ishaq Dar further said that GDP growth in fiscal year was 4.24 percent which was the highest in seven years and it would be further increased to 5 percent in current financial year. Fiscal deficit, he said would be brought down to 4.3 percent in the current fiscal year. He also informed that for Benazir Income Support Program (BISP) allocations had been increased three times. Dar said previous governments did not give proper attention on energy generation which created energy crisis in the country.
He added the government had initiated a number of energy projects and by 2018, 10,000 MW more electricity would be added in the system. Ahsan Iqbal on the occasion highlighted the government's vision 2025 initiated for the benefit of the country and its people.
He said that China-Pakistan Economic Corridor (CPEC) had been initiated at a cost of US $46 billion which would be a game change not only for Pakistan but the entire region.