Prime Minister chairs meeting of the Federal Cabinet

August 29, 2017

Prime Minister Shahid Khaqan Abbasi chaired a meeting of the federal cabinet in PM Office Islamabad today.

Secretary, Finance Division 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.

It was apprised that during FY 2016-17 GDP recorded an increased growth of 5.3%, large scale manufacturing achieved 5.6% growth, per capita income increased to US $ 1,629 from US $ 1,334 in FY 2012-13, remittances increased to US $ 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 US $ 21.4 billion and FDI witnessed increase of US $ 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.

Prime Minister stated that renowned international rating organizations have recognized upward economic growth of Pakistan despite internal and external challenges.

The Federal Cabinet approved amendments in the Guidelines of Prime Minister’s Global SDG’s achievement programme and amendments in Rules of Business, 1973 after reorganization / creation of new federal ministries and divisions to facilitate and clarify subjects allocated to them.