Finance Minister Ishaq Dar sounded a confident man as he announced Pakistan’s Gross Domestic Product (GDP) grew 5.28% in fiscal year 2016-17 (FY17), against a target of 5.7%, adding that the government had managed to reduce the fiscal deficit to 4.2%.
“This year, the deficit would amount to 4.2%,” said Dar as he formally launched the Economic Survey 2016-17 on Thursday.Fiscal deficit stood at 8.2% in 2012-13. However, what Dar did not mention was the amount of circular debt that was wiped off when the ruling Pakistan Muslim League-Nawaz (PML-N) came into power. The amount has now gone up to over Rs350 billion in the last four years.
We won’t need to go to the IMF after 2019. Our home-grown industries will be able to help us.”
Pakistan will also be part of the G20, said Dar, adding that the size of the country’s economy would surpass that of Canada, Italy and South Korea by 2050.
The finance minister also announced a package of Rs100 billion for the rehabilitation of internally displaced persons (IDPs) and reconstruction of infrastructure in the northern areas. Dar said the amount would be part of the budget measures to be announced on Friday.