ISLAMABAD: Minister for Finance and Economic Affairs Senator Muhammad Ishaq Dar said on Monday that the government had adopted prudent economic policies, which put the country on the path of prosperity.
Addressing the inaugural ceremony of Vision 2025 here, Dar said that peace was imperative for economic development, which could not be achieved with bloodshed.
Prime Minister Muhammad Nawaz Sharif was also present on the occasion.
Senator Dar said the actual revolution was to introduce economic policies, which had been appreciated by international organizations.
He said that there were predictions that Pakistan would default economically, which were made wrong by the Pakistan Muslim League-Nawaz (PML-N) government, which had initiated result-oriented policies.
The foreign exchange reserves had increased to US $ 14.3 billion, with the international financial institutions acknowledging improvement of economic indicators, he added.
Ishaq Dar said that the government had taken difficult decisions in the best national interest.
“We worked hard day and night for the socio-economic development,” he remarked.
The Finance Minister said that due to sound economic policies, the Pakistani rupee had been stabilized during the last five months, while it had doubled resources for poverty reduction.
“The government has also doubled agriculture credit, gave subsidy on fertilizers and tube-wells for the promotion of agriculture,” he added.
He said the government was also focusing on the development of industrial sector.
Senator Dar said that Pakistan returned to the international bond and equity market after seven years.
He said that due to introduction of 3G and 4G technology, one million new jobs opportunities would be created during next four years.
He said that the bids for 3G and 4G were oversubscribed.
He said, “Trade not aid is our moto, but it is part of the PML-N manifesto. We are following short and long term policies.”
He added that Moody’s, an international credit rating agency, had appreciated the government’s economic polices and enhanced the rating from negative to stable. It had appreciated the government’s good governance also.
He said that according to the credit rating agency, political instability would harm economic indicators. He the agitating politicians not to create chaos and work together for a stable Pakistan.
He said that for electoral reforms, the government had already established a committee for strengthening of democracy.
SINGAPORE - Oil prices stabilised in Asia on Monday following sharp gains in the previous session ...