ISLAMABAD – Finance Minister Miftah Ismail on Thursday revealed the Pakistan Economic Survey for Financial Year 2021-22, which revealed a record high growth rate of 5.97 percent against a target of 4.8 percent.
In a rare development, the Sharif-led coalition government presented the economic performance of a former government.
Country’s new financial chief Miftah Ismail released the survey alongside Planning Minister Ahsan Iqbal, State Minister for Finance Ayesha Ghous Pasha, and Power Minister Khurram Dastgir during a presser in country’s federal capital Islamabad.
Pakistan Economic Survey 2021-22 has been launched by Finance Minister Miftah Ismail, Fed Min Planning Ahsan Iqbal, Fed Min for Energy Khurram Dastgir , MoS Dr. Aisha Ghous Pasha today. pic.twitter.com/ZvAOGXsflN
— Ministry of Finance, Government of Pakistan (@Financegovpk) June 9, 2022
Miftah expressed hope that foreign exchange reserves held by the central bank will soar to $12 billion in the coming days following inflow from Beijing.
Pakistan Economic Survey is an annual report on the performance of the economy, focusing in particular on major macroeconomic indicators.
The economic growth of fifth most populous nation was recorded at 5.97pc as opposed to the target of 4.8pc. Growth of agri sector growth was 4.40pc against a target of 3.5pc; industries posted growth of 7.19pc against the target of 6.5pc, services industry 6.19pc; and services industries recorded 6.19c growth against their target of 4.7 per cent.
The PML-N leader mentioned said achieving growth was not an issue, adding that the real issue is achieving sustainable growth. He added that the Pakistani economy was on the road to stability, saying that the government would ensure sustainable growth in order to reduce the current account deficit.
Commenting on the foreign direct investments, Miftah said the investments dropped to $1.25 billion in the outgoing financial year against last year’s $2 billion.
Miftah revealed those imports have also increased as compared to the last fiscal year, adding that the exports also soared. Pakistan could only finance 40% of its imports through exports and for the rest, it had to rely on remittances or loans — which makes the country stuck in a balance of payments, he mentioned.
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The PML-N leader maintained that imports will end up being the highest ever import bill in terms of Gross domestic product.
Taking a jibe at the former government, Miftah claimed that PTI did not make long-term plans that “forced country to buy energy and oil at costlier rates” damaging the country’s economy.
