Shaukat Tarin predicts 5pc growth rate during outgoing year

ISLAMABAD: Federal Minister for Finance Shaukat Tarin on Sunday the country dealt with COVID-19 situation in a better way and predicted that the growth rate would move to six percent in the next fiscal year, ARY NEWS reported.

“Growth rate is projected at five percent this year and would move further upward to six percent during the next fiscal year,” he said while addressing a virtual press conference and added that the government has developed short and long-term plans to achieve the target.

The finance minister said that the COVID-19 has impacted the economy and policies adopted by Prime Minister Imran Khan has saved them from getting badly hit by the pandemic.

We have tackled the pandemic in a better way, he said adding that the government focused on the construction, agriculture, and exports sector during the pandemic that helped in economic stability and growth.

Shaukat Tarin further negated an impression that Pakistan is self-sufficient in food production and said that they now face a shortage in this regard and had to deal with the hoarding issue in a strict manner.

“We want farmers to sale their products directly to the market,” he said adding that they had to further work on increasing yield in the agriculture sector.

Sharing future economic plans, Tarin said that the government would now focus on economic growth that would help in lowering unemployment and rising income levels. He credited PM Imran Khan for a record increase in remittances and said that it was owing to the trust people have in Imran Khan.

He further stressed the need to develop all parts of the country rather than spending 90 percent of the budget on nine major cities in the country.