Federal Minister for Finance, Revenue Hammad Azhar said that the economy would grow “at a faster rate than earlier forecast.” He expects next year’s economic growth rate may exceed 4 percent.
“Starting from next fiscal year, we will be targeting an even higher growth rate that may exceed 4% per annum,” he said in a social media message. “This growth will not be based on deficits or depleting reserves but will be sustainable.”
The minister for finance in a virtual meeting with with Vice President South Asia Region, World Bank Group, Hartwig Schafer, said that the government was fully committed to implementing structural reforms, protecting social spending and boosting social safety nets.
Among others, the meeting was attended by Federal Minister for Economic Affairs Division (EAD), Makhdoom Khusro Bakhtiar; Federal Minister for Energy, Omar Ayub Khan; SAPM on Power Tabish Gauhar; Governor State Bank of Pakistan Reza Baqir, Secretary Finance Division, Secretary Power Division, Secretary EAD, Chairman Federal Board of Revenue and other senior officials.
The finance minister appreciated the pivotal role being played by the World Bank in strengthening governance and service delivery through institutional reforms in Pakistan over the years.
He also stressed that harmonisation of General Sales Tax was a priority area for the government, adding that the federal and provincial tax authorities were working out procedures for its smooth implementation.
He expressed firm resolve of the government in implementing reforms under ongoing World Bank projects and thanked the Vice President for their continued guidance and collaboration.
The Vice President, World Bank appreciated the government’s relief initiatives to curtail the impact of COVID-19 pandemic effectively. The Vice President reiterated the World Bank’s continuous support to the government of Pakistan during testing times.
The World Bank also acknowledged that a lot of progress has been made on implementation of structural reforms in various sectors. There is a need to keep up the momentum once the health crisis abates, he added.
Meanwhile, the Federal Minister for Energy and SAPM on Power outlined the steps being taken to streamline the power sector, improving service delivery and serving the larger interest of electricity consumers.
They emphasized that the government was fully committed to make power sector dynamic and more sustainable.
Khusro Bakhtiar lauded the World Bank’s IDA financing for the Crisis-Resilient Social Protection (CRISP) and other projects on the occasion.
