ISLAMABAD - Finance Minister Senator Ishaq Dar on Wednesday said that reforms being introduced by PML-N government are having positive impact on the economy.
He further said that government has prepared a three-year macro-economic framework for revival of the economy and it has started positive impact on the economic situation of the country. The deal with IMF has sparked confidence among other multilateral institutions about state of Pakistan’s economy.
Talking about the current economic situation of the country, the finance minister said revenue collection has increased by 20 percent in first two months (July-August) of the ongoing financial year 2013-2014 while exports have surged by 9 percent in July 2013. Similarly, he said that remittances stood at 1.4 billion dollar during July 2013.
Addressing the 15th meeting of the Council of Institute of Chartered Accountants of Pakistan (ICAP), the Finance Minister said that incumbent government’s emphasis is on documentation of economy, implementing good governance with focus on transparency for public interest and revitalizing the economic structure of the country.
Ishaq Dar appreciated the role of ICAP in providing professional advice to the government in formulation of fiscal and economic policies including federal budget and in assisting other regulators in the implementation of the accounting standards and working in cooperation with important policy making and regulatory institutions including the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue and other Ministries.
The finance minister further said that on the recommendation of the profession, we have opened the position of ‘Member’ on various Income Tax Tribunals for chartered accountants. This provision was included in the Finance Bill 2013, which was passed by the Parliament and has now become a part of the Finance Act 2013.“Regardless of how the governments have performed, the global economy is now in a different shape.
This decade is known as the decade of South Asia as is evident from the gradual shift in the economic power. The stage is set, what we need is a unified action plan, a disciplined approach and determination to succeed,” Ishaq Dar remarked.
He said that the recent step taken in this regard by ICAP in form of the Memorandum, of Understanding with the Department of Auditor General of Pakistan and Controller General of Accounts is a step in the right direction.