ISLAMABAD: Addressing a press conference in Islamabad to launch the Pakistan Economic Survey 2017-18, Interior Minister Ahsan Iqbal claimed that his government had not vowed to transform Pakistan’s economy into the US’ economy, but had still achieved significant economic progress over the last 5 years.
He also argued that Pakistan would have touched a growth rate of 6.2% had political uncertainty not marred the country over the past 12 months.
The latest economic survey puts Pakistan’s annual GDP growth rate at 5.8%, still the highest rate in the past 12 years.
Miftah Ismail, the Prime Minister’s adviser on finance accompanied the interior minister, and added that Pakistan’s debt to GDP ratio had fallen over the last five years.
“The ratio has come down from 21.4% of the GDP to 20.5% in 2017-18,” Mr Ismail said.
He also added that Pakistan did indeed continue to borrow money over the past five years, but the incumbent government had also repaid several old loans.
Ismail also justified the government’s decision to unveil a budget for the next 12 months on the ground that the government needed to continue paying salaries and to finance ongoing projects.
“Expenditure allocation takes place for a 12-month period. You cannot announce a budget for three or four months,” he argued.
.jpg)
