Rev­enues reg­is­ter 18.2pc growth due to Govt's pru­dent poli­cies, says Dar

The Pak Banker - - FRONT PAGE -

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.

Dr. Jim Yong Kim, Pres­i­dent World Bank calls on Prime Min­is­ter Muham­mad Nawaz Sharif at PM House.

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