Govt determined to set economy on positive trajectory: Ishaq Dar

ISLAMABAD: Finance Minister Ishaq Dar on Saturday asserted that the government was determined to set the economy on a positive trajectory by introducing reforms in various sectors in order to achieve economic stability and growth.

While chairing the meeting of Reforms and Resource Mobilisation Commission (RRMC) in Islamabad, the finance minister highlighted the current economic and financial outlook of the country.

Ishaq Dar appreciated the efforts of the commission in recognising issues and challenges in the exiting taxation system.

He also hailed the commission’s role in devising valuable suggestions for reforms in the revenue policies for resource mobilisation, ease of doing business, and tax payer facilitation to achieve sustainable economic growth.

The meeting deliberated upon the suggestions being put forward by the Commission and agreed to come up with business-friendly tax reforms after interacting with all the stakeholders.

Earlier in April, the Asian Development Bank (ADB) estimated Pakistan’s economic growth up to 2pc in the current ongoing FY2022-23, in the wake of last year’s devastating floods, ballooning inflation, a current account deficit, and an ongoing foreign exchange crisis.

According to the Asian Development Outlook (ADO), Pakistan’s economic growth remained slow in the FY2022-23 and witnessed a decrease of 0.6per cent as the economy struggles to recover.

Growth is forecast to remain up to 2pc in 2022-23, the report said.

“Pakistan’s economy continues to face strong headwinds while last year’s catastrophic floods have exacerbated the economic and financial challenges,” said ADB Country Director for Pakistan Yong Ye.

Average inflation is projected to more than double from 12.2 percent in FY2021-22 to 27.5 percent this fiscal year.