ISLAMABAD - Adviser to Prime Minister on Finance Dr Miftah Ismail on Thursday said the government would achieve the 6 percent economic growth target during ongoing financial year, which would pave way for increasing business activities and job opportunities in the country.
“The government will manage to achieve most of the targets however few targets including budget deficit could be missed. We will try out best to restrict the budget deficit at five percent of the GDP during current fiscal year as against the target of 4.1 percent of the GDP,” the advisor said while addressing the “Leaders in Islamabad Business Summit”. He further said that government had depreciated the value of rupee against US dollar in December last year to control the soaring imports and to enhance exports.
Miftah defended the widening current account deficit by saying that imports are increasing due to import of machinery to install new industries which would ultimately give a sustainable economic boost to the country. “It is vital to privatise the public sector entities including Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM), and Pakistan State Oil (PSO), which are giving billions of rupees losses to the national kitty,” he said and added that government could afford their losses. “The government is paying Rs400 million to PSM workers for their salaries and other expenditures every month, which can be used for development projects for the people,” he remarked. On a lighter note, the advisor said that government would offer investor to acquire PSM free if it purchases PIA from the government.
Miftah Ismail said that the government would add around 12,000-megawatt electricity to the national grid by June this year. Meanwhile, the government would add additional 20,000 megawatts electricity in next two to three years, which would end the loadshedding forever, he added.
Meanwhile, while addressing the “Leaders in Islamabad Business Summit”, Secretary Commerce Mohammad Younus Dagha highlighted that Ministry of Commerce is now marketing Pakistan’s positive image apart from marketing goods and services at expos and exhibitions. “The initiative is mainly sharing stories about art, culture, tourism outstanding individuals and vibrant ideas,” he said. The secretary commerce encouraged the national and international audience to be partners in this campaign and share the exciting stories about Pakistan with the world.
Secretary commerce introduced the audience with the concept and implementation of “Emerging Pakistan” initiative of Ministry of Commerce. He elaborated that the Prime Minister unveiled “Emerging Pakistan” initiative on 9th November 2017 during Expo Pakistan in presence of over 700 foreign delegates from 85 courtiers at Karachi. He highlighted the cost and dividends that are attached with the image of a country. He informed the participants that one critical cost of doing business is the “brand image” of a country i.e. the perception about a country. He stated: “We do not want to be misrecognised by others so we need to share our recognition through a vibrant outreach initiative of “Emerging Pakistan”. Some countries that are far below than Pakistan in ease of doing business rankings are attracting more investment inflows than us. A country’s less favourable image puts additional cost on the businesses operating from a country, making it less competitive in comparison to the businesses in other countries. Hence the Ministry of Commerce initiated the campaign of nation’s image building with brand of “Emerging Pakistan.”
Secretary commerce shared some of the expressions and sound bites of renowned national and international individuals who recognized the value and impact of this initiative. He shared some of the stories around the globe where companies are carrying the slogan of “Emerging Pakistan” on their own.