ISLAMABAD: Despite challenges at domestic and international fronts, country's economy maintained stability as suggested by major economic indicators including foreign exchange reserves, workers remittances, inflation and industrial growth.
The economy was badly affected by three major factors including devastated flood in 2010 which caused damage of dollar 10 billion as estimated by the World Bank, increase in oil prices at the international level and security situation.
However, despite all these factors, the country's economy managed to remain on the path of stability as almost all the economic indicators have stayed positive.
Federal Minister for Finance, Dr. Hafeez Shaikh in his recent detailed briefing to parliamentarians said the tax revenue position has also witnessed 17 percent increase during the last six months, export touched historical way by upto 28 percent with respect to previous year, and remittances showed a star performance.
In addition to that, Foreign Exchange reserves touched the highest figure in the history of Pakistan, he said.
"We are facing certain issues in power and gas sector, PIA, Railways, and Steel Mills but the Cabinet Committee on Restructuring of the Public Sector enterprises has been relentlessly working on revamping of these enterprises and we have made certain good advances in this regard, and hopefully these corporations shall start functioning under the economic vision of the present government", he added.
It is pertinent to mention here that the overseas workers remittances have reached to US$ 6.325 billion during the first half of current fiscal year (July-December), showing an increase of 19.54 per cent as compared to the same period in the previous year, according to figures of State Bank of Pakistan.
The SBP reported that Pakistan received 25 per cent more remittances in December as compared to same month in previous year by increasing from US$ 863 million last December to US$ 1.085 billion during December 2011.
The Foreign Exchange Reserves of the country also stayed at over 16 billion. According to SBP figures, released last week Pakistan's foreign exchange reserves rose to US$ 16.85 billion in the week ending December 30, compared with US$ 16.77 billion the previous week, according to the Central bank.
Reserves held by the State Bank of Pakistan (SBP) were flat at US$ 12.81 billion, unchanged from the previous week, while those held by commercial banks rose to US$ 4.04 billion, compared with US$ 3.96 billion the previous week
Large Scale Manufacturing (LSM) output was increased by 2.07 percent during first five months (July-October) of the current year against the same period of last year.
According to data provided by Pakistan Bureau of Statistics, the indices of Oil Companies Advisory Committee and Provincial Bureaus of Statistics witnessed increase of 0.41 percent and 2.15 percent growth.
The government has reached single digit inflation and in addition to that, export witnessed an increase by 4 percent in last six months, import increased by 18 percent which is also an indicator of increasing activity in our economic and commercial field.
The exports increased from $10.815 billion during July-December (2010-11) to $ 11.237 during the corresponding period of current fiscal year.
The Minister expressed the hope that government would receive $ 2.5 billion in foreign exchange in the coming months, from Etisalat's pending dues, Coalition Support Fund form US, and Auction of 3-G Spectrum Licence.
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