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Business Recorder

Published Date: Dec 12, 2013

GSP Plus status to boost exports: Dar

Minister for Finance, Muhammad Ishaq Dar here on
Thursday said that the European Union has granted Generalized Scheme of
Preferences (GSP) Plus status to Pakistan which would greatly help the
country to boost its export.

Addressing the
concluding session of 3-day 16th Sustainable Developmentm Policy
Institute (SDPI) Conference, he said that to sustain dwindling national
economy, government has taken some unpopular and difficult steps.

Due
to these measures and prudent polices of the government economic
indicators were showing positive signs where as the foreign investors
confidence to invest in Pakistan was also restored.

He
said due to corrective measures taken by government, budget deficit has
been brought down to 2.2% equal to Rs 570 billion compared to 2.9%
equal to Rs 690 billion last year.

The minister
said revenue collection witnessed 17 percent growth adding that FBR has
collected a tax revenue of Rs 792 billion as against Rs 679 billion
realized by FBP up to November 2012 (last year).

Ishaq
Dar said that the government during the first quarter of the current
financial year has released Rs 143 billion against the total allocation
of Rs. 340 billion under Public Sector Development Programme (PSDP).

The
minister said that figures regarding national economy would be
announced on quarterly basis and made public to know about the
performance of the economy.

He further said that
exchange rate stability was gradually returning as exchange rate had
improved during last days adding that government was determined to bring
foreign exchange reserves up US$20 billion by the year 2016.

The
government was closely monitoring the inflation and taking steps to
bring it to single digit to provide maximum relief to a common man in
the country, he added.

Besides, he said that
government has also enhanced allocation for social safety network and
was bringing about 5.5 million families in social safety net by
increasing the stipend money from Rs. 1000 to Rs. 1200.

The
Minister said that IFC has announced trade financing facility of ($ 500
million) while Global rupee bond, Euro Bond $ 500 million would be
launched and Financial Advisor (FA) in this regard would be appointed
shortly.

He added that the second tranche of US $137 million from Islamic Development Banks (IDB) has been received.

The
minister said that government was working on different power sector
development projects to overcome the energy issues for rapid economic
development adding that work on Nelum Jehlum Hydro Project was
excalreated and expected to complete by 2016.