Minister calls for promoting Saarc economic ties

ISLAMABAD: Finance Minister Ishaq Dar on Saturday stressed the need for promoting economic relations between the member countries of South Asian Association for Regional Cooperation (Saarc).

The minister said Saarc counties need to work together for the welfare of their people. Regional countries particularly need to focus on enhancing economic and trade relations for this purpose, he said, addressing the South Asian Federation of Accountants’ seminar.

He said his government would welcome any suggestions provided by this forum for the socioeconomic development of the country and the region.

Talking about the current economic situation of the country, the minister said the incumbent government inherited economy in deteriorated condition, as the economic growth rate was as low as three percent.

However, due to prudent policies of the government, he added, the growth rate is projected to cross five percent this year, and this has also been predicted by the international financial institutions.

Similarly, Dar said, the government inherited eight percent fiscal deficit when it assumed power back in 2013, however it has been reduced to 4.1 percent now and would be further reduced in days to come.

He said the revenue collection, during the current fiscal year, would cross Rs3,500 billion, which definitely would help lead the country towards progress and development.

On development spending by the government, the minister said the government enhanced development budget by more than 260 percent during its tenure, which is a testimony to the fact the government wants to lead the country towards progress and prosperity.

In addition, he added, the government is spending around Rs100 billion for ensuring peace and security in the country.

Minister Dar said after long the development budget would be surpassing the budget deficit. He added that there would be no cut in the development budget.

He said the government has taken a number of measures to check tax evasion. It signed agreements with international institutions to control tax thefts.

He said membership of multi-national convention would help bring transparency in the management system, which would attract investment into the Saarc countries.

Dar said the merger of all stock exchanges into Pakistan Stock Exchange led to making the stock market of Pakistan among five best markets of the world due to its performance.