Says will visit Washington in October for talks with IMF
\n ISLAMABAD
\nFinance Minister Shaukat Tarin has said that the government has chalked out a comprehensive plan to achieve inclusive and sustainable growth.
\nThis finance minister stated this while addressing a joint press conference along with some members of the cabinet and Economic Advisory Council (EAC) on Friday.
\nTarin dilated upon formation of short, medium and long term plans across different sectors of the economy under the umbrella of the EAC. He said a mechanism has also been developed to ensure implementation of the plan to achieve the targets set for different sectors.
\nHe said that the provincial governments will prioritise achieving universal access to quality education, health, access to drinking water and sanitation. Similarly, the federal and provincial government would enhance focus on human development & develop physical infrastructure which is lagging behind in far-flung areas.
\nHe said that the medium-to-long term planning also includes completion of CPEC projects especially in agriculture, industrial cooperation, socio-economic development and financial inclusion. It also includes utilisation of Special Technology Zones, IT parks, incubation and entrepreneurships centres that complement CPEC investments. In the sphere of power and energy, the long-term planning encompasses implementing renewable Energy Policy and National Power Policy to attain the goal of 60% energy generation from non-fossil fuels including hydro-power generation.
\nHe said Prime Minister Imran Khan will regularly be briefed about the implementation of the plan and the people will also be kept informed about the progress on it.
\nHe said the broad objectives include accelerating the overall economic growth rates from 3% to 6% in the next three years without creating pressure on balance of payments and by keeping inflationary expectations subdued. It also includes increasing the tax to GDP ratio by 1.5 to 2% annually and attaining the target of $30 billion exports by FY 2023-24 and keep up the momentum in foreign remittances.
\nHe said the key focus is to generate massive employment opportunities over the period of time in order to engage the youth in productive sectors of the economy. The sectors underlined for driving growth through the platform of EAC are agriculture including small farms, micro-enterprises, SMEs, construction, tourism and information technology.
\nThe finance minister stated that a positive sentiment has been generated as the economy is on the right track. It has embarked on the path of economic growth after the stabilisation phase due to prudent policies of the present government, he added.
\nHe said the plan for resolving the circular debt includes reducing the cost of electricity generation by flattening the capacity payment curve through restructuring power producers. This will be done through a combination of re-profiling of project debts, reduction in Return on Equity (EOC) and O&M components of tariffs.
\nAt the same time, steps will be taken to boost demand for grid electricity by incentivizing captive-to-grid shift and integration of NTDC-KE networks. It will also include replacing cross-subsidies with direct subsidies, lowering tariffs for high consumption categories, target price deregulation and improving governance through engagement with the private sector, he said
\nResponding to a question, the finance minister said, \u201cOur negotiations are continuing with the International Monetary Fund (IMF).\u201d He ruled out the possibility of coming out of its programme. He said he will also visit Washington in October for one-on-one talks with the international lender.
\nMinister for National Food Security Fakhar Imam said that new initiatives are being launched to strengthen the agriculture sector. He said the country witnessed a significant increase in major crops.
\nHe said, \u201cOur focus is now on improving the cotton production by providing quality seeds and other inputs to the farmers at reduced rates.\u201d He said the research institutes will be upgraded to achieve high productivity in the agriculture sector.
\nImam said the government is giving special emphasis to improve the living standards of the farmers. \u201cFor this purpose, we increased the support price of wheat from fourteen hundred rupees per forty kilogram to eighteen hundred rupees per forty kilogram.\u201d Efforts, he said, are also afoot to upgrade the livestock sector.<\/p>\n
Minister for Industries and Production Khusro Bakhtiyar said the government is focusing on \u201cMade in Pakistan.\u201d He said the government\u2019s policies have started yielding results. There has been fifteen percent growth in large scale manufacturing (LSM). He said, \u201cWe are giving tax incentives to the small and medium enterprises (SMEs) and hurdles are being removed to provide them the credit.\u201d<\/p>\n
Bakhtiyar said the government now plans indigenisation of raw material in order to strengthen its industrial base. He said an industrial zone is being established on 1500 acres of land in Karachi and export oriented industries will be encouraged to make investments in it.<\/p>\n
Adviser on Commerce Abdul Razak Dawood said the government\u2019s target is to bolster exports. He said export targets are being achieved. He said, \u201cWe want to rationalise our imports by encouraging local production.\u201d He expressed satisfaction over the local manufacturing of mobile phones.<\/p>\n
Dawood said, \u201cWe have done the tariff rationalization and fifty percent of raw material being imported is duty free. He said this facility will be further expanded in the next budget.\u201d<\/p>\n
Dr Ishrat Hussain emphasised the need for empowering the local bodies in order to provide basic amenities to the people at their doorsteps. He said a plan has been prepared to revamp the state owned enterprises.<\/p>\n
Member of Economic Advisory Council Arif Habib and Muhammad Ali Tabba commended government\u2019s pro-business policies. Arif Habib was appreciative of the government\u2019s construction package and the housing scheme.<\/p>\n
Muhammad Ali Tabba said that more people are showing interest in the manufacturing as a result of government\u2019s policies. He was confident that the government will surpass the growth target set for the current fiscal year. TLTP<\/p>\n","protected":false},"excerpt":{"rendered":"
Says will visit Washington in October for talks with IMF ISLAMABAD Finance Minister Shaukat Tarin has said that the government has chalked out a comprehensive plan to achieve inclusive and sustainable growth. This finance minister stated this while addressing a joint press conference along with some members of the cabinet and Economic Advisory Council (EAC) […]<\/p>\n","protected":false},"author":2,"featured_media":190810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-211835","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n