‘Govt steps to help support economy post election’

KARACHI: The measures taken by the present government will help the upcoming setup after the elections to focus on further developments across the country, a senior official said on Saturday.

“Pakistan’s economy is on the right track,” Adviser to Prime Minister on Finance and Revenue Miftah Ismail said. “The measures that have so far been taken will help new government to increase spending on developments.”

Ismail, addressing a ceremony, said whoever forms the government should take measures for the betterment of the economy.

The ceremony was related to handing over of two boats to Pakistan Customs by Karachi Shipyard and Engineering Works (KS&EW).

Finance adviser said the country is expected to achieve six percent GDP growth during the current fiscal year of 2017/18 “and it would further improve in the next five years”.

Ismail said growth rate in neighbouring India is better than the growth rate in Pakistan. “Pakistan needs to achieve eight percent growth rate in next 20 years in order to overcome all the economic ills, including poverty.”

The adviser said Pakistan was the fastest growing economy in 1990s but the country failed to maintain the growth rate.

Ismail said the revenue collection target of Rs4,013 billion would be achieved during the current fiscal year. He admitted that foreign debt increased but the debt was used for development expenditures.

The adviser said the inflation rate is less than four percent and it is under control. The present government has given special attention to energy projects and more electricity would be added to national grid in the coming days.

Managing Director KS&EW Nasir Shah said two boats were handed over to Pakistan Customs. The boats will be used for security and rescue purposes.

Shah said the boats have capability to face all types of challenges in the sea. “The shipyard is building ships for exports to the Philippines.”