Pakistan still suffers from negative inflows despite an IMF plan

Finance Minister Senator Mohammad Ishaq Dar said that results of the first half of the current fiscal year indicate that the economy is on track and that it was moving in the right direction.

He made these remarks during a meeting with a delegation of Department for International Development (DFID) who called on him at the Finance Ministry, this afternoon.

The delegation comprised High Commissioner of United Kingdom H.E. Mr. Phlip Barton, Mrs. Pauline Haupres, Mr. Richard Montgomery and Mr. Moazzam Malik.

The Finance Minister said that Revenue Collectors collection has shown an increase of 16 percent, exports 5 percent, remittances by 9 percent and growth in the economy in the first quarter has been reported by Pakistan Bureau of Statistics at 5 percent.  Besides there has been an unprecedented increase in the Karachi Stock Exchange Index which has crossed the 27000 point.

Dilating on Foreign Exchange Reserves position  the Finance Minister said  that the government had inherited a fragile position and entered into an IMF Program to stabilize it. Pakistan still suffers from negative inflows despite an IMF plan. The government has now chalked out a plan to increase the Foreign Exchange Reserves to US $ 16 billion by the end of the present year.

Mr. Moazzam Malik appreciated the economic policies of the present government and said that the United Kingdom is looking at ways to provide further assistance to Pakistan. This he said, was a testimony to the confidence in the policies of the present government.

Mr. Richard Montgomery, Head of DFID appreciated the decision of the government to publish Tax Directory for Parliamentarians.

During the meeting the Income Support Program also came under discussion. It was assured that the Finance Ministry would make timely releases so that the beneficiaries of the program get the money well in time.

The meeting was also attended by the senior officials of the Ministry of Finance.