ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin on Sundaysaid that GDP growth at 3.94 percent during the current fiscal year(2020-21) was calculated in a transparent manner, predicting that theeconomy – based on the current trend – would grow by five percent in2021-22 and six percent during 2022-23.
Addressing a virtual press briefing, he said that it was due to the prudentpolicies of the incumbent government that this growth was achieved despitetough International Monetary Fund (IMF) conditions. He said that the focusof the government had been on housing, agriculture and export sector thatdelivered these results.
The finance minister said that the government had identified 12 sectors andformulated short, medium and long term strategies to achieve inclusivesustainable economic growth and social prosperity, with special focus onhousing, agriculture and promotion of export industry were on prime focus.
He said that development of these sector would not only bringsustainability in nation economy, but would help in achieving sustainableeconomic growth for the welfare of common man in the country. He said thatthe COVID-19 pandemic had effected the global economies and it also putnegative impact on national economy.
IMF’S TOUGH CONDITIONS
Shaukat Tarin said that the prudent polices of Prime Minister Imran Khanhelped in steering out the economy from the crisis in a fair manner and putit on path of sustainable economic development. In order to fulfill thefiscal requirements, the government had to initiate a programme with IMFand this time the fund introduced tough conditions like increase in tariff,exchange rate and interest rates that also influenced the national economy,he said.
He said that a well thought-out federal budget for the fiscal year 2021-22would be presented in the start of the next month. He said that the budgetenvisages provision of maximum relief to common man in tax and electricitytariff. He said that no more tax burden to be put on those who were alreadypaying tax.
He said that innovative substitutes would be introduced to achieve therevenue targets, by providing different incentives and facilities, besidesbroadening the tax base. To a question, he said that rising trend in foodcommodities was a global phenomenon. He said that strategy was evolved inorder to provide maximum relief to common man, particularly saving themfrom inflationary shocks and taking some short-term steps like operationagainst hoarders to overcome the issue of artificial shortages.
Source:link