ISLAMABAD: Despite challenges and difficulties, the economy of the country has been moving on the path of growth and the target of 6 percent growth for the current fiscal year would be achieved, said Advisor to Prime Minister on Finance, Miftah Ismail.
Economy is on a high growth trajectory, inflation has been brought down, interest rates are lowest in decades, credit to private sector is at historic high and fiscal deficit has been reduced while Public Sector Development Programme (PSDP) and social safety spending continue to rise, he said.
In his briefing to the newly constituted Economic Advisory Council (EAC) he added that economy was in expansionary mode supported by pro-growth policies.
The Adviser highlighted the addition of 10,000 MW of electricity and 1,200 mmcfd of gas in 2018.
He cited that increased investments under China Pakistan Economic Corridor (CPEC) in energy, rail and road infrastructure and related sectors that would spur economic development.
He added that improved security environment had encouraged private investors to contribute their share in accelerating growth.
He said Tax-to-GDP ratio had increased from 9.8% (2012-13) to 12.5% (2016-17) while the National Financial Inclusion Strategy had helped expand outreach of financial services to a greater segment of population.
He also briefed the members about the broad contours of the forthcoming budget 2018-19, aimed at sustaining economic growth and emphasized that measures for fiscal consolidation needed to be continued.
He said budget would reflect the government’s resolve to enhance Tax to GDP ratio and relief measures for the vulnerable would be strengthened
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