Tarin claims economic indicators showing robust growth

Hopes GDP to exceed 5% mark this fiscal: Position of Pakistan’s happiness index prepared by UN body improved by 7 points: Says he is loyal to PTI, will never work with new govt

By: News Desk
Published: 03:42 PM, 20 Mar, 2022
Tarin claims economic indicators showing robust growth
Caption: TV grab.
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Finance Minister Shaukat Tarin has claimed that economy is showing a robust trend as remittances have increased. He has also stated that there is no threat of diesel crisis as we have enough fuel at our disposal, reported 24NewsHD TV 

Addressing a presser in Islamabad, the finance minister said that Pakistan’s imports have been reduced to $5.2 billion from $6.3 billion in just one month’s time and agricultural produce is registering an increase. He said we have $16.6 billion forex reserves in the State Bank.  

On the matter of electricity bill, Tarin said after a reduction of Rs5 per unit in the electricity tariff announced by Prime Minister Imran Khan last month, consumers’ bills would be reduced. He said a consumer whose actual power bill was Rs1,840 would have to pay Rs1,035 after Rs5/unit relief. 

He said talks were going on with the International Monetary Fund on the matter of PM’s relief package.

Owing to robust growth of the country’s large scale manufacturing, agriculture and exports, Tarin expressed hope that the Gross Domestic Product (GDP) growth would exceed 5% mark against the set target of 4.8% for the fiscal year 2021-22.

“The welcome news is that the LSM has grown by 8.2% in January against same month of last year and 4.2% against December 2021,” he added.

He said the LSM growth slowed down in August, September 2021 however the good news was that it had come again on high growth.

“Our economic growth momentum has picked up again as our all agriculture crops are growing at 6 to 12 percent, and exports and services sectors are also growing at high pace.”

He said no doubt there were some headwinds such as inflation but the growth was sustainable and robust.

He said to curtail inflation and pass on minimum impact of international inflation pressure to the masses, the government had taken several measures including significant relief in prices of petroleum products and electricity.

The minister highlighted that due to such measures, the Sensitive Price Index (SPI) based weekly inflation had reduced by 1.15 percent in a single week.

With respect to the a recent world happiness index issued by a United Nation’s body, the minister said Pakistan’s happiness index had improved by 7 points in one year. However India’s index had declined by three points.

He said the elements on which the index was based included perception of corruption, social support, freedom to make choices, GDP per capita, life expectancy, and generosity.

In Aisa, he said Pakistan was among the top 15 happiest countries.

On the current political situation, the minister remarked that this uncertain situation would not go on for long. He said that he won Senate election on PTI ticket and he would remain loyal to the party as he was not a turncoat. He said he would never work with new government. 

Reporter Rozina Ali