Progress towards growth after economic stabilization: Finance Minister Tareen

Federal Finance Minister Shaukat Tareen has said that the government's economic stabilization program has been successful and will now have a positive impact on the economy as well as the poor.

Presenting Pakistan's Economic Survey 2020-21, he said that tax collections, remittances, foreign exchange reserves have increased this year and debt has decreased in every dependence.

Shaukat Tareen said that due to Karuna, the economy was facing difficulties but due to better policies of the government, economic activities started resuming from July last year.

The Finance Minister said that remittances proved to be a major support to Pakistan's economy in the wake of the global epidemic, which has crossed a record 26 26 billion and is expected to reach 29 29 billion by the end of this financial year.

He said that various financial institutions had expressed the view that remittances would decrease during the Corona crisis but they have increased.

Shaukat Tareen said that the government had projected a gross domestic product (GDP) growth rate of 2.1 per cent this year, which is expected to be 3.9 per cent as a result of better economic strategy.

Textiles account for a large share of Pakistan's exports.

He said that the concessions given by the government to the manufacturing, textile, agriculture and construction sectors and incentives to the industry in the fields of gas and electricity have resulted in progress in various sectors and large-scale manufacturing has shown positive growth. Which was about 9%.

Inflation due to food imports!

“Agriculture grew by 2.77 per cent. Although we feared negative growth due to poor cotton, the other four crops, wheat, rice, sugarcane and maize, performed better,” he said.

The Finance Minister said that the rise in food prices this year could not be controlled due to the dependence on the world market for food items.

He said that if the prices of commodities in the world market go up, it will also affect Pakistan. The government is focusing on agriculture to stabilize food prices, he said.

The Finance Minister said that Pakistan does not want money but trade with the United States.

Replying to a question on domestic debt, Shaukat Tareen said that by the end of March this year, the country's total debt was Rs 380 trillion, of which Rs 250 trillion was domestic and about Rs 120 trillion was foreign debt.

Overseas Pakistani workers are an important source of remittances.

Overseas Pakistani workers are an important source of remittances.

He also said that the debt has increased by about Rs. 17 trillion this year as compared to last year as against Rs. 36 trillion in the previous year. Thus, according to him, the foreign debt has decreased by Rs. 70 trillion.

20 million people lost their jobs due to Karuna!

Shaukat Tareen said that at the time of the outbreak of the corona virus, about 56 million people were employed, but the number dropped to 35 million, leaving about 20 million unemployed.

He said that due to the smart lockdown policy, in October 2020, the number of employed people again increased to about 53 million. According to him, 2.5 million of those who lost their jobs due to the epidemic are still unemployed.

The finance minister said that the SBP's foreign exchange reserves, which had gone up to ارب 7 billion in 2018-19, have now reached 16 16 billion, the highest level in four years.

Shaukat Tareen said that he could not say anything about the relief at the next meeting of the International Monetary Fund (IMF) but we are doing well with the Financial Action Task Force (FATF) and we think That we will get relief in the next meeting.

Agriculture, exports next year's priority!

Expressing the government's economic priorities for the coming year, Finance Minister Shaukat Tareen said that the country's exports, production and remittances have to be increased and for this purpose special attention will be given to agriculture and information technology.

He said that agricultural exports would be increased for food surplus in agriculture.

Shaukat Tareen said that exports are the real economy and along with increasing the country's traditional exports, IT exports will be increased by 45 to 100 percent.

He said that the government was taking steps to increase foreign investment in the next financial year and the benefits of the ongoing corridor projects in partnership with China would provide employment to the people.

A large portion of Pakistan's population is engaged in agriculture. Increasing agricultural production can raise their living standards.

A large portion of Pakistan's population is engaged in agriculture. Increasing agricultural production can raise their living standards.

He said the government was also focusing on poverty alleviation and education.

Shaukat Tareen said that with the stabilization of the economy, the government would now bring the positive effects of the economy to the poor and also focus on fulfilling these dreams.

He said that the dream of a poor man is to have his own house, so in the budget of the new financial year, small and easy loans will be given to the poor and lower class to build houses as well as the lives of 4 to 6 million families. Steps will be taken to make it easier.

He said that only by increasing the growth rate of the country from 7 to 8 percent, employment opportunities could be provided to 2 million youth annually.

The finance minister said he had told the IMF that he could not increase electricity tariffs or income tax.

Finance Minister Shaukat Tareen will present the budget for the financial year 2021/22 in Parliament tomorrow (Friday).

. (tagsToTranslate) خبریں (t) پاکستان (t) pakistan (t) economy (t) Foreign exchange

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