Economy getting back on track

Karachi: Federal Financial Minister Dr. Abdul Hafeez Shaikh has said that Pakistan was passing through a critical phase in which we have some problems, but very soon the county would get economic and political stability.

He was addressing to a press conference here at Karachi Press Club on Saturday. Federal Minister said that in 2008 when the present government came in power the economic growth of Pakistan had lost it momentum and the whole world was also facing finance crunch; therefore, we had no option but to go to International Monitory Fund (IMF). ”We went to IMF and took some difficult decisions and positive results of them have now start coming out”.

The Minister said that though the devastated flood in 2010 badly affected the national economy and according to World Bank and other financial institutions we faced losses of 10 billion dollars but due to the timely decisions and measures of government our economy growth rate increased.

“The world is passing through an economic downturn but our export has reached to 25 billion dollars with an increase of 28 percent,” he claimed.

Financial Minister said that the government had extended it network of tax collection which were giving significant results.”During last five months a record tax of Rs. 640 billion has been collected which is more than the target.”

He said that besides economic achievements the government had also taken some historical constitutional steps including restoration of constitution of 1973 in its original shape and return of powers from President to Prime Minister. ” Today all constitutional institutions are functioning autonomously and no one can dictate them. The credit goes to the present government.”

Financial Minister announced a grant of Rs 10 million for Karachi Press Club and a journalist award worth 0.1 million in the memory of former President of Karachi Press Club late Sabihuddin Ghausi which will be given every year.

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