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Dar eyes 5.1% GDP growth: Inflation lowest in 17 months, FBR tax revenue up 13.1%

Dar eyes 5.1% GDP growth: Inflation lowest in 17 months, FBR tax revenue up 13.1%

ISLAMABAD: Federal Finance Minister Ishaq boasted that inflation for October was the lowest over the past 17 months at 5.8pc, saying that the government was striving to take GDP growth rate to 5.1 percent from current 4.14 percent.

The government, due to its better policies, has already raised GDP growth to 4.14 percent which also reflects the commitment to stablise the national economy.

Ishaq Dar was chairing a meeting of the Monetary and Fiscal Policies Coordination Board here. Dar declared that all inflation indicators were on a downward trajectory.

He claimed that headline inflation for October was the lowest during the last 17 months at 5.8pc.

The minister pointed out that the LSM sector grew by 5.3pc in August this year as compared to 4.6pc last year.

Workers’ remittances were also showing remarkable results, he said, adding that FBR tax collections were on track as tax revenue increased by 13.1pc during the first quarter of FY15.

The stock market was also performing well, he said, referring to the KSE-100 index breaching 31,000 mark on Monday.

The minister also underlined the importance of resolving energy issues hampering the country’s growth.

The Federal Minister for Planning, Development and Reforms, Federal Commerce Minister, the SBP Governor, the Finance Secretary, IBA , Director Dr Ishrat Hussain and Pakistan Institute of Development Economics Vice-Chancellor Dr Asad Zaman.

LNG import: In a separate meeting on LNG, Dar was informed that the Liquefied Natural Gas import would start in March 2015.

The LNG would preferably be made available to efficient power plants providing a boost to overall power generation in the country and helping reduce power prices, the minister was informed.

Dar said that by the given date LNG imports should be ensured and all related arrangements should be finalised.

Federal Minister for Water and Power Khawaja Asif, Federal Minister for P&NR Shahid Khaqan Abbasi, Federal Minister for Commerce Khurram Dastagir and others were also present.