We will not let Pakistan return to boom, bust economic cycle: FinMin

ISLAMABAD
Finance Minister (FM) Muhammad Aurangzeb has said we will not let Pakistan return to boom and bust economic cycle .
Mobilizing private sector capital is vital for economic growth. Promoting investment through public-private partnership and privatization is possible. We are pursuing structural reforms agenda for durable economic stability, he said this while addressing an event organized by Asian Development Bank in Islamabad Friday.
He held transparency, performance and confidence of investors will be given priority in the process of privatization.
He observed private investment will have to be enhanced in the projects of basic structure and public services through PPP’s. Privatization and public private partnership are important means to take private sector ahead.
He remarked partnership between government and private sector will have to be fortified further for economic uplift. Economic stability came through difficult decisions. We have to make it permanent. We will not let Pakistan go to boom and bust economic cycles.
He noted that IT exports reached 4.6 billion dollars during the last fiscal year, with freelancers contributing 1.6 billion dollars.
Muhammad Aurangzeb said our target is to register an economic growth rate of over four percent for the current fiscal year. He said foreign exchange reserves stood at 18.5 billion dollars as of 30th June, with a target to reach twenty-one billion dollars by the end of this fiscal year.
He said overall deficit has been reduced from 12.5 percent to 2.6 percent.
Tax recoveries by FBR witnessed remarkable growth. FBR income rose by 40 percent during the last few years. FBR tax to GDP ratio has risen from 8.8 percent to 10.3 percent.
IT services exports remained 4.6 billion dollars during previous financial year. Free Lancers put their share of 1.6 billion dollars in IT exports. Good exports remained intact at about 30 billion dollars. We will have to work more in this sector.
He added reforms are underway in energy, government institutions and tax and privatization sectors.