The Advisor also reviewed the overall economic and fiscal situation, federal revenues, external flows and development budget of the country in a meeting held here. The meeting was attended by the Deputy Chairman Planning Commission, Chairman Federal Board of Revenue (FBR), Secretary Finance, Secretary Economic Affairs Division and officials of the Finance Ministry. Hafeez emphasized the importance of continued efforts to maintain fiscal austerity, revenue mobilization reforms and focus on completion of development projects. The meeting was informed that food inflation dropped from 19.3 percent to 11.5 percent during the period under review, while exports from the country increased by 7.2 percent during the period from July-January 2012. It was also informed that foreign remittances registered a growth of 21 percent and recorded at US$ 16.8 billion resulting stability in foreign exchange reserves. The Finance Secretary apprised the meeting that the fiscal deficit was contained at 3.1 percent of GDP from July 2011 to January 2012 which shows a decline from 3.4 percent in the corresponding period of last year. He said that revenue registered growth of 27 percent during July- January, 2012 and reached Rs 975 billion as against 770 billion collected last year. Total federal expenditure was limited to 53 percent of the budget as against proportionate budget target of 58 percent demonstrating federal government's austerity drive and resulting in the savings of 5 percent of the budget, he added. He informed that total federal development releases during the period under review amounted to Rs 202 billion including the foreign project aid disbursement of Rs 60 billion. The government is committed to maintain the Public Sector Development Programme annual target of Rs 300 billion which is an increase of about 30 percent over the last fiscal year's actual spending.