All political parties on one page on CPEC: Miftah

ISLAMABAD: Federal Minister for Finance Dr Miftah Ismail said that there was consensus among all political parties on Pakistan China Economic Corridor (CPEC) and whatever government would come into power after completion of a political transition would continue supporting this initiative.

“There is consensus among political parties on higher GDP growth trajectory as no one coming into power could turn away from this goal and second there is complete consensus on CPEC for its continuation despite this fact that it was materialised by PML-N leader Nawaz Sharif,” Miftah Ismail said while addressing conference on investment opportunities in Pakistan and CPEC organised by Board of Investment here on Wednesday.

The minister conceded that the exports could not go up in last five years. All other macroeconomic indicators improved except exports in last five years, he added. He said that the GDP growth which hovered around 2.88 percent on average in previous five years from 2008 to 2013 but it went up to 5.79 percent in outgoing fiscal year of PML-N led regime. The next fiscal year target, he said, was envisaged at 6.2 percent.

The current account deficit (CAD) remained problematic mainly because exports could not pick up and imports went up manifold but now exports started picking up as it went up 14 percent in April 2018 compared to the same month of the last year.

The structural problem held Pakistan back for achieving higher and sustained growth, he said, adding that the law and order was improved in all over the country and particularly in Karachi. “We have improved supply of power and gas as this government added 10,000MW electricity into national grid and there is no loadshedding in the country,” he said and added that there was surplus 2000MW electricity available today in the system.

The gas supplies also improved and they installed pipeline from South to North, he maintained. He said that the government focused on infrastructure as for National Highway Authority (NHA) this government earmarked Rs541 billion in outgoing fiscal year compared to peanuts five years back. “We have constructed 1700 kilometer motorways,” he added.

The minister mentioned that there were some private sector giants which were older than Pakistan which also showed their confidence over economic policies and future prospects of the country. He said that they made Pakistan investment friendly country.

The Board of Investment unveiled its plan to improve Pakistan’s ranking in terms of World Bank’s ease of doing business from existing 147th position to 100th position this year, said Chairman Board of Investment Naeem Zamindar while addressing on this occasion.

Secretary BOI Samaira Nazir Siddiqui said that Pakistan aimed to achieve improved ranking from 147th position to 50th position over the next three years while foreign direct investment would be jacked up from $3 billion to $15 billion by 2025..