Federal Minister for Energy Hammad Azhar Saturday said that the economic situation is getting better due to the policies of the incumbent government, reported 24News HD TV channel.
The federal minister while addressing a press conference in Islamabad said the experts had expected a growth rate of 1 percent due to the coronavirus epidemic at the beginning of the fiscal year.
“But due to policies of the government, we are seeing the results as an increased had been witnessed in large scale manufacturing,” he said and added that the economic situation was getting better. The minister said the large-scale manufacturing grew by nine percent during the first nine months of the current year and the country s export has been recorded 3.2 billion US dollars in the month of March.
The minister said the exchange rate reservoirs had increased and the GDP growth had also increased than the expected targets. He said today exchange rate reserves were at 23 billion US dollars and the large-scale manufacturing index was at 175. He said the current account was surplus as well currently. He said the previous government had shown fake growth rates.
He said the PML-N finance minister had himself admitted that the next government would have to go for the IMF program. He said the IMF has conditioned that new currency notes could be published. He said he wanted to tell the opposition leader in the national assembly that the economic details were not being given by Ishaq Dar so these details were not artificial.
He said that the GDP growth was the outcome of our prudent economic policies. He expressed his hope that the economic growth would reach four percent during the current financial year. He said this was not a temporary growth but will be sustained and further strengthened.
He said the foreign exchange reserves have touched the level of 23 billion US dollars while remittances have witnessed a growth of 39 percent in the current year.
The Minister said the cement production has seen a record production of 17 percent while better crop prices have benefitted the farmers' community. He said the government has a management plan to address the issue of circular debt.