Economic indicators showing “positive” results: Finance Minister

Islamabad: Finance Minister Dr Abdul Hafeez Shaikh says economic indicators were showing “positive” results due to prudent economic policies of the government.

Briefing newsmen Monday, he said government wanted to improve workings, efficiency, performance of State Owned Enterprises Pakistan International Airlines, Pakistan Steel Mills & Railways by introducing efficient management and operating through professionals to make them profitable entities. “We fulfilled minimum financial requirements of PSM to help improve its working capacity.”

He said large scale manufacturing sector registered growth of 3.6% in first quarter of current fiscal year. Revenue collection up to December 16, 2011 stood at Rs 715 billion as against Rs 555 billion in same period of last fiscal.

Government expenditures were fixed at 42.5% in first five months of current fiscal which was recorded at 38%. He said government expenditure targeted to 50% of total expenditures by December this year will reach up to 42%. However, it would spent about 40% of (PSDP) by December, he added.

Secretary Finance Dr Waqar Masood said exports grew by 11.5% against expected target of 5%. Imports grew by 20% as against expected target of 10%. Inflation rate recorded at 10.2% in period under review which was recorded at 14% last year. He said Federal Board of Revenue was determined to achieve revenue targets of Rs 1952 billion as collection registered 28% growth as compared to same period last year.

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