- Finance secretary briefs federal cabinet on overall economic situation
Prime Minister Shahid Khaqan Abbasi chaired a meeting of the federal cabinet at the PM Office.
The Finance Division secretary provided a detailed briefing on the overall economic situation of the country, including key economic indicators, economic growth outlook, real sector growth performance, consumer price index, credit situation, fiscal consolidation, tax collection by FBR, workers’ remittances, Foreign Direct Investment, foreign exchange reserves, balance of payments, public debt and significant developments in national economy.
It was apprised that during FY 2016-17 GDP recorded an increased growth of 5.3%, large scale manufacturing achieved 5.6% growth, per capita income increased to $1,629 from $1,334 in FY 2012-13, remittances increased to $19.3 billion, FBR collected Rs 3,362 billion, fiscal deficit has been reduced by 5.8% as percentage of the GDP, 8,286 new companies were registered, forex reserves increased to $21.4 billion and FDI witnessed increase of $2.4 billion in FY 2016-17.
The cabinet appreciated the finance minister and the Finance Division for their tireless efforts, which had resulted in positive economic turnaround since 2013. Prime Minister Abbasi stated that renowned international rating organisations have recognised upward economic growth of Pakistan despite internal and external challenges.
The cabinet approved amendments in the guidelines of the Prime Minister’s Global SDG’s achievement programme and amendments in the Rules of Business, 1973, after reorganisation/creation of new federal ministries and divisions to facilitate and clarify subjects allocated to them.