Finance Minister Senator Muhammad Ishaq Dar said on Monday that the economic situation of the country will see a significant improvement after the difficult but inevitable decisions of the government during the budget 2023-24.
He expressed these views while addressing the post-budget conference organized by the Institute of Chartered Accountants of Pakistan (ICAP).
Ishaq Dar vowed to consider the recommendations of various sectors to bring improvements to the budget.
He said two committees would be formed to remove the flaws in the budget, adding in 2017, Pakistan’s economy was at the 24th position, which has now declined to the 47th position due to the poor economic policies of the previous government.
The finance minister held responsible the previous regime for losing the interest of foreign investors in Pakistan and said In 2017, the world’s rating agencies were recognizing the economic development of Pakistan and the inflation rate in the country was only four per cent.
He said, “For the development of the country, we must think beyond personal interest and all parties must work together for the uplift of the economy.
Ishaq Dar said that the previous government damaged the reputation of the country by not fulfilling the conditions of the International Monetary Fund (IMF) and subsequently the nation suffered.
He said he had full faith in the safe future of Pakistan, adding tough decisions were necessary to achieve Pakistan a respectable status.
“We have to increase the economic growth rate and stop the value of the rupee from falling further because the depreciation of the rupee leads to an increase in inflation and there is an extraordinary increase in the debt burden.”
Dar said, “We have to ensure financial discipline in every way. The future of Pakistan is bright and we have to get the country out of economic difficulties through united effort.”
The finance minister said that in the budget, many incentives were given for the growth of the agriculture and information technology sector and the promotion of small and medium industries. “Several measures have also been taken to recognize the contributions of overseas Pakistanis.”
The minister said that billions of rupees were allocated for the education sector and measures were also afoot at the policy level to raise revenues.—APP
