News Column

Economy is on positive trajectory: Marvi

June 1, 2014



Chairperson National Assembly Standing Committee on Information, Marvi Memon has said as a result of difficult but visionary decisions of the PML-N government, the negative outlook of the economy has changed into a positive trajectory.

She said there was double digit inflation when the present government took over, adding the economic team of the PML-N has successfully brought it down to single digit, which is a big achievement.

Talking to Radio Pakistan, she pointed out that immediately after assuming power, the government retired circular debt worth 503 billion rupees, which had a salutary effect on the overall load-shedding situation.

Marvi said tax net has been expanded; there is 11% increase in remittances this year; exports have also increased reducing the trade deficit and foreign exchange reserves are likely to reach the target of 15 billion dollar in July this year.

She said the economic management of the Government has been appreciated by the multilateral institutions.

The World Bank and Asian Development Bank have granted concessionary loans to Pakistan, which are payable in twenty-five years.

To a question, she said Prime Minister Nawaz Sharif reduced expenditure of PM Office by 40% and ensured that all ministries and division implement 30% cut as announced by him. The Government also abolished discretionary grants of the Prime Minister and Ministers and size of the cabinet has been reduced just to twenty-nine.

She said the PML(N) government considers youth assets of the country and that is why the Prime Minister has announced programmes worth 20 billion rupees for their welfare.

She said youth business loans and fee reimbursement programmes have already been launched while lap top distribution scheme is in the offing.

To another question, she said 60% of the population is living below poverty line and the Government is focusing on programmes to alleviate their sufferings.

She pointed out that allocations for Benazir Income Support Programme have been increased by 25 billion rupees this year.

About the next budget, Marvi Memon said it would be development-oriented and the focus would be on energy and infrastructure development.

She said the government has plans to add 21000 MW to the grid during the next few years.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Balochistan Times (Pakistan)