Pakistan economy out of crisis, enters consolidation phase: Finance Minister

F.P. Report

ISLAMABAD: Finance Minister Asad Umar says country’s economic growth rate would be the highest in 15 years by 2023 on the completion of five-year term of the the incumbent government.

Launching a medium-term framework A Roadmap for Stability, Growth and Productive Employment in Islamabad today, he said it would not be a managed growth, but a sustainable one, as the government has initiated various reforms to put the economy on right track and resolve its major issues.

Finance Minister said owing to the government measures, the economy has entered into the stabilization stage after facing severe challenges.

He said that this phase would continue for about one and a half year, after which the country would go towards sustainable growth.

Asad Umar said that government is working on short, medium and long term measures including tightening the current account as well as fiscal deficit, enhancing revenue collection, promoting exports, increasing savings for investments and introducing the ease of doing business.

He said that government is planning to introduce asset declaration scheme, which broadly is aimed at documentation of economy.

He said that rules and regulations for the Benami law have been finalized and the notices are being served to all such persons having Benami property and assets.

The Minister said we have kept our currency overvalued for several years, which only supported the importers and their consumers of these luxury items.

He said government is taking measures to stabilize the exchange rate by restructuring its fundamentals and promoting the exports of the country.

Meanwhile, charing a meeting in Islamabad, the Finance Minister said the upcoming tax amnesty scheme would be the last chance for tax-evaders to declare their properties and assets and avoid any legal action which would be initiated against defaulters after the scheme is closed.

He said the government is of the view that instead of putting tax-evaders behind the bars, they should be given a chance.

He warned that it would now be hard for tax evaders to hide their properties and assets.