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Tuesday March 19, 2024

Elected PM, FM present fifth consecutive budget for first time in Pak history

By our correspondents
May 27, 2017

ISLAMABAD: Finance Minister Ishaq Dar said that it is for the first time in the history of Pakistan that an elected prime minister and finance minister are presenting fifth budget continuously. 

The Pakistan Muslim League–Nawaz (PML-N) government on Friday presented its fifth and possibly last budget before general elections in 2018, earmarking a total of Rs 4,757 billion in expenditures for the next fiscal year.

"For the first time in Pakistan's history, an elected prime minister and finance minister are presenting their fifth budget. This shows the strengthening of democracy in the country," the minister said as he began presenting budget on the floor of the National Assembly.

Pakistan was on the verge of defaulting in 2013 and the economy was declared unstable on the basis of macroeconomic indicators, recalled Dar. "Today, the country's foreign exchange reserves are adequate enough for four months of imports. The supply of gas has improved, and loadshedding has been completely halted for the industries. Inshallah, loadshedding will end for good come next year," he added.

The finance minister claimed the PML-N government had turned the economy around since it came to power in 2013. "Today, reputable organisations like PricewaterhouseCoopers are saying that Pakistan will enter the G-20 group of nations in the near future," claimed Dar.

The GDP growth rate was 5.3% in the outgoing fiscal year — the highest in ten years, he stated, adding that it was for the first time that Pakistan's economy had grown to over $300 billion. "This shows the strengthening of the economy," said Dar.