Economic indicators positive: Dr.Hafeez

ISLAMABAD: Federal Minister for Finance, Dr Abdul Hafeez Shaikh here on Monday said economic indicators were showing positive results due to prudent economic policies initiated by the government.

Briefing a newsmen, here at the Ministry of Finance, the Minister said the government wanted to improve the workings, efficiency and performance of State Owned Enterprises like Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM) and Pakistan Railways through introducing efficient management and operating through the professionals in order to make them profitable entities for the economic development of the country.

He added that government has fulfilled the minimum financial requirements of the PSM in order to help the organization improve its working capacity.

He informed the media that large scale manufacturing sector has registered growth of 3.6 percent during the first quarter of current financial year which was a health sign for national economy.

He added that revenue collection up to December 16 stood at Rs. 715 billion which was realized at Rs. 555 billion during the

same period of last financial year.

Besides, the governmental expenditures were fixed at 42.5 percent during first five months of current financial year which was recorded at 38 percent, he added.

He further informed that government expenditure had targeted

to 50 percent of the total expenditures by December this year which would reach up to 42 percent.

However , he said that it would spent about 40 percent of (PSDP) by December.

Secretary Finance, Dr Waqar Masood said that export grew by 11.5 percent against the expected targets of 5 percent,while imports grew by 20 percent as against the expected targets of 10 percent.

He informed that inflation rate was recorded at 10.2 percent during the period under review which was recorded at 14 percent during the last year.

Foreign remittances in the country were increased by 18 percent which crossed US $ 5 billion mark during last five months of current financial year.

Secretary Finance said that Federal Board of Revenue (FBR) was determined to achieve its revenue targets of Rs. 1952 billion as revenue collection has registered 28 percent growth as compared to same period last year.

Copyright APP (Associated Press of Pakistan), 2011