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2nd meeting of Economic Advisory Council held

2nd meeting of Economic Advisory Council held

ISLAMABAD: Minister for Finance Ishaq Dar has informed the Economic Advisory Council that the overseas remittances and revenue collection have shown considerable growth as compared to the last fiscal year.

He said this while chairing the second meeting of EAC held in the federal capital. The meeting was briefed regarding country’s economic indicators which have been positively registered by IMF in terms of upward surge in development sectors.

GDP now is going up and inflation is declining because of proactive measures undertaken by the present government during its less than one years’ incumbency, he added. He said that stability in the forex market is another factor, besides POL prices in international market getting favourably settled, adding that overall financial projection speaks of food and POL prices registering stability to the benefit of country’s economy.

Ishaq Dar said that the government intends to positively enhance the forex reserves up to $ 16 billion by end of December 2014. The meeting participants were further briefed that multilateral donors visiting Pakistan are keen to invest and contribute to strengthening of Pakistan’s economy through various negotiated financial instruments. By end of March 2014 a sizeable increase in forex reserves is anticipated with a projected figure of more than $10 billion since forex inflows are adding up steadily, he added.

The Federal Board of Revenue management informed the EAC participants regarding rationalisation of its taxation-based concessionary regime, with a projected revenue collection target during 2013-14 touching Rs 2,471 billion as against the previous year’s (2012-13) revenue collection of Rs 1,946 billion. Presentation on oil and gas reserves in Pakistan was given to the participants, which evoked stimulating discussion and way forward.

EAC participants expressed their satisfaction over the policy statement of the Finance Minister. The 30 per cent austerity measures adopted by the present democratic government are likely to generate enough financial cushion to meet its fiscal deficit target.