Growth rate to remain over 4pc this year

Source: Published in Business & Economy on Tuesday, May 6, 2014

ISLAMABAD: Finance Minister Ishaq Dar on Sunday expressed hope that the national economy would grow by over 4 per cent during the current fiscal year (2013-14).

Inflation would remain in a single digit spurred by growth in both agricultural and industrial sectors, Dar said while addressing the First Business Session at 47th annual meeting of Asian Development Bank (ADB) Board of Governors in Astana, Kazakstan.

Dar said the fiscal deficit had been restrained to around 6 per cent through an increase in revenues and reduction in expenditures along with positive growth in exports and remittances.

Necessary domestic reforms were being undertaken along with government preference for regional integration through increased connectivity and enhanced preferential arrangements, he added.

He also outlined the government's strategies in overcoming the macro-economic challenges, according to a statement issued by the Finance Ministry here.

Meanwhile, during the Constituency Breakfast Meeting, Dar suggested the ADB to revise the absolute poverty line from $1.25 per day to $2 per day in conformity with the latest revision adopted by the International Monetary Fund.

The minister stated that presently 2.4 billion people (40 per cent of the world population) were living below the poverty line of US$2.

During the Governor's Plenary Session, the minister while highlighting the recent natural disasters in Pakistan and the response and future strategy of National Disaster Management Authority of Pakistan, emphasised the need to reduce exposure to natural hazards and disasters.

He suggested development partners, such as ADB, World Bank and IMF, devise different strategies and action plans for promoting disaster risk reduction programmes. He also offered that these institutions could benefit from Pakistan's experiences.

During his call on the Minister for Finance and Deputy Prime Minister Bakhyt Sultanov, he extended an invitation to President Nursultan Nazarbayev as well as to the finance minister to visit Pakistan during the current year.

He emphasised the need to examine existing frameworks for increasing the present level of bilateral trade, which was far below the potential of the two countries.

He requested the minister to consider measures for easing the movement of people along with enhanced cooperation in the areas of trade, investment banking and finance.

People Mentioned
  • Muhammad Ishaq Dar Federal Minister for Finance, Revenue, Economic Affairs and Statistics