Pakistan’s economic growth recognised by international rating organisations: PM

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi on Tuesday stated that renowned international rating organisations have recognised Pakistan economic growth of despite internal and external challenges.

PM Abbasi while chairing a meeting of the federal cabinet appreciated the Finance Minister Ishaq Dar and the Finance Division for their tireless efforts which resulted in positive economic turnaround since 2013.

PM Abbasi briefed by the Finance Secretary on the overall economic situation of the country, including key economic indicators, economic growth outlook, real sector growth performance, consumer price index, credit situation, fiscal consolidation, tax collection by Federal Board of Revenue (FBR), workers’ remittances, Foreign Direct Investment, foreign exchange reserves, balance of payments, public debt and significant developments in the economy.

PM Abbasi was informed that the GDP recorded an increased growth of 5.3% during Fiscal Year 2016-17, large scale manufacturing achieved 5.6% growth, and per capita income increased to US $ 1,629 from US $ 1,334 in FY 2012-13,

Furthermore, it was noted that remittances increased to US $19.3 billion, FBR collected Rs.3,362 billion, fiscal deficit has been reduced by 5.8% as percentage of GDP, 8286 new companies were registered, forex reserves increased to US $21.4 billion and FDI witnessed increase of US $2.4 billion in FY 2016-17.

The federal cabinet approved amendments in the guidelines of Prime Minister’s Global Sustainable Development Goal (SDG) achievement programme and amendments in Rules of Business, 1973 after reorganisation and creation of new federal ministries and divisions to facilitate and clarify subjects allocated to them.