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Miftah hopes growth rate to reach 6.2 next year

WASHINGTON: Adviser to the Prime Minister on Finance Miftah Ismail has said the growth rate remained at 5.8 percent during the current year and is expected to touch 6.2 percent next year.

In an interview with a US TV channel in Washington, Miftah expressed optimism that efforts will be made to take the GDP growth rate to 6.2 percent next year.

He also ruled out any possibility of further depreciation of the rupee against the US dollar and said the rupee had to lose its value because of trade deficit.

Highlighting the significance of the China Pakistan Economic Corridor (CPEC), the adviser said the project has proved vital in expediting economic growth.

He said the government successfully overcame the energy crisis, which boosted economic and industrial activities across the country.

Miftah said inflation rate has also been contained to four per cent due to effective economic policies.

The adviser during meetings with the International Monetary Fund (IMF) and the World Bank officials briefed them on the country’s economic policies as well as exports.

Ismail also meeting senior US officials in an effort to improve economic ties with the world’s largest economy.

Concerns about critically low foreign exchange reserves — caused by a widening current account deficit — are also to likely figure prominently in Miftah’s talks in Washington.

A World Bank report cautioned that macroeconomic stability in Pakistan was a major concern for the near-term economic outlook. It noted that the balance of payments position was particularly vulnerable and the upcoming elections may make things worse by delaying policy adjustments.

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