ISLAMABAD: United Nation (UN) has recommended the government that reducing the fiscal shortfall should not be at the cost of development and social expenditures, but rather through revenue-raising measures, reforms of state-owned enterprises and rationalising current spending.
The UN said this in its analysis, which was contained in the Economic and Social Survey of Asia and Pacific 2014, an annual flagship publication of the UN Economic and Social Commission for Asia and Pacific. The report was released on Wednesday. It said that there have been some positive changes in Pakistan’s economy in recent months and the growth is projected to pick up during current financial year. The Economic and Social Survey of Asia and Pacific 2014 said Pakistan’s economy is improving while inflation decreased to 7.4 percent last year, while the rupee has appreciated by decrease in account deficit.
The survey has noted improved growth of large-scale manufacturing industries, expansion in private sector credit, accumulation of foreign exchange reserves and local currency appreciation.
It also said that industrial production picked up on capacity enhancement and investment in alternate energy, especially by large-scale manufacturing operations. It is worth mentioning that UN report further said that inflation has decreased to 7.4 percent last year and the currency has appreciated in recent months, which should help contain inflation in the current fiscal year.
The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has projected that Pakistan’s economic growth will pick up to 4.1 % in the fiscal year 2014.
“There have been some positive changes in the economy in recent months, such as improved growth of large-scale manufacturing industries, expansion in private sector credit, accumulation of foreign exchange reserves, and local currency appreciation” said a UNESCAP report launched in Bangkok on Wednesday.
The report further said that medium-term development challenges for tackling severe energy shortages is key to promoting investment and growth Pakistan’s economic structure.
The UN report also said that limited fiscal space has not only reduced available funds for development expenditure, but a large proportion of current expenditure is financed through borrowing.
Among others, policies to enhance domestic resource mobilisation include rationalising the tax system to create a larger tax base, tackling tax evasion and tax fraud, and strengthening tax administration. The government is already addressing some of these issues, it added.
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