Tarin sees economic growth of 5 percent in FY22

ISLAMABAD: Finance Minister Shaukat Tarin said Thursday that due to positive developments in key economic sectors, including revenue collection, remittances and exports, the continuity of gross domestic product (GDP) dynamics has been maintained, which would likely be close to 5 percent in the current fiscal year (2021- 22).

At a round table organized by the United States Pakistan Business Council (USPBC) in Washington DC, the Treasury Secretary underlined that the government is firmly committed to all-encompassing and sustainable economic growth, with an emphasis on a bottom-up approach as provided by the Prime Minister Minister.

The current government has inherited a difficult economic situation, he said in a statement.

As a result of prudent fiscal consolidation policies and efforts, the Federal Board of Revenue (FBR) exceeded its revenue collection target by approximately Rs.180 billion for the first quarter of fiscal (FY) 2021-22. Likewise, our exports are likely to exceed $ 30 billion by the end of fiscal 2021-22.

Additionally, remittances would have seen a $ 2.7 billion increase in September 2021 and hit $ 8 billion in the first quarter of FY-2022, he added.

The minister said that Pakistan was back on growth path due to a visionary growth policy by the government.

The finance minister said the government was taking a number of initiatives to attract foreign investment.

For this purpose, the full moderation was expanded and all hurdles removed.

He cited the example of MetLife, whose longstanding problem was recently resolved.

The finance minister said the government was determined to create a favorable environment for foreign investors and business people.

He invited American companies to take advantage of the many opportunities offered by the special economic zones, and took this opportunity to express their full support and relief.

The meeting was attended by representatives from the United States Chamber of Commerce, business leaders, the Governor of the State Bank of Pakistan, the Treasury Secretary and the Pakistani Ambassador to the United States.

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