ISLAMABAD: Prime Minister Shahid Khaqan Abbasi chaired a meeting of the federal cabinet in PM Office Islamabad on Tuesday.
The Finance Division secretary provided a detailed briefing on the overall economic situation of the country, including key economic indicators, economic growth outlook, real sector growth performance, consumer price index, credit situation, fiscal consolidation, tax collection by FBR, workers’ remittances, Foreign Direct Investment, foreign exchange reserves, balance of payments, public debt and significant developments in Pakistan’s economy.
The meeting was apprised that during FY2016-17 GDP recorded an increased growth of 5.3%, large scale manufacturing achieved 5.6% growth, per capita income increased to $1,629 from $1,334 in FY 2012-13, remittances increased to $19.3 billion, FBR collected Rs 3,362 billion, fiscal deficit has been reduced by 5.8% as percentage of the GDP, 8,286 new companies were registered, forex reserves increased to $21.4 billion and FDI witnessed increase of $2.4 billion in FY 2016-17.
The cabinet appreciated the finance minister and the Finance Division for their ‘tireless’ efforts, which had resulted in positive economic turnaround since 2013.
The PM said that renowned international rating organisations have recognised upward economic growth of Pakistan despite internal and external challenges.
The cabinet approved amendments in the guidelines of Prime Minister’s Global SDG’s achievement programme and amendments in Rules of Business 1973 after reorganisation/creation of new federal ministries and divisions to facilitate and clarify subjects allocated to them.
The Economic Coordination Committee (ECC) of the cabinet approved projects related to petroleum, gas and wheat supply.
The ECC approved a proposal by Petroleum Division to allocate 14.2 MMCFD gas from Sofia field to SSGC owing to availability of nearest transmission network and that the gas from same block is already being supplied to SSGC.
The ECC also allowed marketing of diesel oil conforming to EURO-IV and EURO-V specifications under deregulated environment provided there was no burden on government of Pakistan.
Over the issue of wheat subsidy in Gilgit-Baltistan, the ECC approved to enhance the subsidy up to Rs 2 per Kg by the end of current financial year as consented and agreed by Gilgit Baltistan government. The ECC also approved to replace four LPG air mix projects keeping in view road access, availability of land and safety and security issues. As per decision of ECC, Air Mix Project Malkot (KP) is proposed to be replaced with project at Balakot, Forward Kahuta with Drosh (Chitral) Hajira (AJK) to Beor Tehsil Kahuta and Abbaspur (AJK) to Ban, Tehsil Murree.
Separately, the Executive Committee of the National Economic Council (ECNEC), which met under the PM, approved various development projects including the power infrastructure, health and roads projects.
Published in Daily Times, August 30th 2017.
