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The News

Published Date: May 15, 2014

Pakistan’s economy starts taking off, claims Dar

Finance Minister Senator Ishaq Dar has said that the economy of Pakistan has started taking off and the country is now in a comfort zone as far as our foreign exchange reserves are concerned.

Chairing the meeting of Economic Advisory Council (EAC) held here on Wednesday and lasted for 6 hours Dar briefed the Economic Advisory Council on recently completed 3rd successful review by the IMF and on the latest economic indicators. The minister said now Pakistan is in comfort zone and its economy has starting taking off.

He said that with
the over subscription of Euro Bond, successful auction of 3G/4G Spectrum and improved economic indicators, the international confidence in Pakistan has increased to a level where we can build stronger economic base.

The finance minister added that each and every proposal of the EAC will be considered seriously and where possible their valuable contributions will be implemented.According to the officials, the sub group on Resource Mobilization and Expenditure Management convened by Dr. Miftah Ismail proposed that the tariff rationalization process needed to be expedited to provide a level playing field to businesses.

The Industry and Trade sub group was represented by A Razak Dawood and discussed in details the proposals for the diversification of the export base by promoting value-added exports like engineering, IT, chemicals and food processing.

energy sector sub group convened by Farooq Rahmatullah proposed the possibility of drilling over 100 wells in the next financial year for the development of Oil and Gas sector.Dr. Abid Qayyum Suleri, convener Food Security and Agriculture sub group, presented a proposal to revise the food security agendas and policies according to the new definition of poverty line of $2 a day.

The other proposals included formation of a National Food Security Council with representation of provincial governments and other relevant stakeholders, co-chaired by Federal Ministers for Finance and Food Security & Research and introduction of special nutrition programmes for children under 5 years.

Sania Nishtar represented the social sector sub group.The group presented various proposals including the establishment of Geographic Information System (GIS) based Social Sector Information Observatory, resolution of the post 18th amendment outstanding issues and developing instruments to cater to demand side of social protection needs.

of the federal government and senior officials of the Ministry of Finance along with the members of Economic Advisory Council also attended the meeting.