The government has formulated a Medium Term Budgetary Framework for 2013-16 to put the economy on a sustained growth track.
An official document, highlighting the one-year performance of the PML-N government, said that the country was facing strong economic challenges, imbalances, but "our resolve is stronger"
The government was committed to implementing tax reforms, while investors would be given more facilities to make investment in the country, it added.
According to the document, the government under the leadership of
It further said that the government has formulated a Medium Term Budgetary Framework for 2013-16 to put the economy on a sustained growth track.
Under this framework, government's goals by Fiscal Year-2016 would be that GDP growth to gradually rise to around 7 percent, Investment/GDP to rise to 20 percent, fiscal deficit to be brought down to 4 percent of GDP,
Reducing domestic borrowing, reduced debt-to-GDP ratio, zero borrowing from SBP, and enhanced development spending in current expenditures were also a part of the Government's policy to achieve macro-economic stability.
The document further said that in 2013 PML-N government inherited some major challenges particularly terrorism, lawlessness, power shortages, economic mismanagement, rampant corruption, bad image of the country, unemployment and price hike.
However, it said that the government was exploring ways to deal with the energy crisis as the power outage has badly affected the country's economy, business activities and normal life.
It added that the Federal Government resolved to eliminate the menace of terrorism, improve economy, address power crisis and develop good relations with all neighbouring countries in the region.
"The foundations of the country had been shaken due to maladministration, rampant corruption in every sphere of life and inefficiency of the last fourteen years that had brought national institutions like PIA,
It added that the government under the leadership of Prime Minister
Most Popular Stories
- GE Healthcare Bringing Jobs to Massachusetts
- James Foley Killer Could Be ID'd Via Social Media, Voice Recognition
- Faith Groups Divest From Fossil Fuels
- Apple Stock Bounces Back Big Time
- James Foley Beheading Video Is Real Thing: White House
- Spiders Get Bigger, Reproduce Faster in Cities
- Entrepreneur Contest Announced in Idaho
- U.S. Existing Home Sales Rise 4th Month Straight
- Dollar Tree Falls in Q2
- Why BofA Won't Pay $17 Billion After All