ISLAMABAD: Minister for planning, development and Reforms Makhdoom Khusro Bakhtiar has said stability has come in national economy owing to dip in current account deficit which has declined to 45 percent.
He said this while talking to media men here Thursday. He held that we have laid the foundation of the basic structure which was to be erected in terms of national economy.
It was long standing requirement to revamp currency, he noted. The economy of any country is measured on the scale of foreign exchange reserves, current account deficit, balance in imports and exports and vibrant growth rate, he observed.
He pointed out that Pakistan current account deficit has dropped by 46 percent. Foreign exchange reserves have swelled from 9.8 billion dollars to 13.9 billion dollars. The present government has repaid loans amounting to 10 billion dollars. In the next three to four years more loans to the tune of 35 billion dollars have to be returned. These are the challenges which the government is countering.
He indicated that country’s revenue has surged by 35 percent during the last two months. The economy of any country can be adjudged only on the criterion how much investment is being made therein and what are its exports.
When we came to power the imports soared highly and exports had lowered to great extent.
We will have to enhance our production potential. This is challenge for us that we will bring down inflation, he added.
Price hike multiplies due to obtaining loans from state bank. We have abandoned the practice to obtain loans from state bank. This will create space for private sector to acquire loan from state bank.
If wheel of national economy has to be run then provision of resources and loan to private sector is must, he stressed.