Economy getting back on track: Shaikh

KARACHI: Federal Finance Minister Hafeez Shaikh has said Pakistan was passing through a critical phase in which it has some problems, but very soon the county would get economic and political stability. Addressing a press conference here at Karachi Press Club on Saturday, he said in 2008 when the present government came in power the economic growth of Pakistan had lost it momentum and whole world was also facing finance crunch, therefore, they had no option but to go to International Monitory Fund (IMF). “We went to IMF and took some difficult decisions and positive results of them have now start coming out.” The minister said though the devastated flood in 2010 badly affected the national economy and according to the World Bank and other financial institutions Pakistan faced losses of 10 billion dollars but due to the timely decisions and measures of government the economy growth rate increased. “The world is passing through an economic downturn but our export has reached to $25 billion with an increase of 28 percent,” he claimed. Finance Minister said the government had extended it network of tax collection, which were giving significant results. “During last five months a record tax of Rs 640 billion has been collected, which is more than the target,” he added. He said besides economic achievements the government had also taken some historical constitutional steps including restoration of constitution of 1973 in its original shape and return of powers from President to Prime Minister. “Today all constitutional institutions are functioning autonomously and no one can dictate them. The credit goes to the present government,” he said. Finance Minister announced a grant of Rs 10 million for Karachi Press Club and a journalist award worth 0.1 million in the memory of former President of Karachi Press Club late Sabihuddin Ghausi, which will be given every year. ppi