Pakistan has a great news on the economic front

Pakistan has a great news on the economic front

ISLAMABAD - Advisor to the Prime Minister on Finance Dr Abdul Hafeez Shaikh says that Pakistan economic growth would be over 3.5 percent this fiscal against the target of 2.4pc.

“The growth trajectory is positive and I can assure you that we can easily surpass the 2.4pc growth target, we would achieve economic growth rate of over 3.5% in this fiscal year," said Sheikh, while talking to a private channel.

The advisor added that the target would be achieved on back of higher Public Sector Development Programme (PSDP) spending, which would be over Rs950 billion this year. Secondly, the provincial PSDP that amounts to over Rs1tn would lead to economic growth.

“Thirdly, in the private sectors the sectors that are performing well including textile, banks, telecommunication, fertilizer and electronics would generate economic growth," he said.

Shaikh says the government is taking all important steps to control inflation and improve economic growth rate of the country. He said the government has minimized overall expenditure, due to which the economy is moving on right direction.

Expressing concerns over flaws in the policies of previous governments, he said time would be required to rectify these policies.

Abdul Hafeez Shaikh said the stock exchange and foreign direct investment in the country are increasing while exports are also moving up due to better policies and direction set by the government.

Talking about the IMF program, Shiekh said he said that he couldn't be sure if we would need to go to the IMF in 20 years. “I believe that if we are able to complete the IMF program, it would provide good platform for long term growth."