By Ali Imran
ISLAMABAD: Pakistan’s economic growth rate is rising from 2% to 3.5%, International Monetary Fund (IMF) Country Director Mahir Binici said on Thursday, describing the country’s economic progress as a significant development.
Addressing a conference organised by the Sustainable Development Policy Institute (SDPI) in Islamabad, Binici said Pakistan had reached a historic turning point in economic terms.
He said the country had moved from an economic crisis towards stability, adding that economic reforms were being implemented.
Binici said Pakistan needed to sustain its economic growth momentum, welcoming the country’s continued progress despite the crisis in the Middle East.
He stressed that increasing exports was essential to creating more employment opportunities.
The IMF country director also called for continued efforts to increase tax collection and improve the tax-to-GDP ratio. He said the government needed to continue increasing taxes to strengthen revenue generation.
He added that funding for infrastructure development and public projects needed to be maintained.
Binici said Pakistan’s National Tariff Policy had contributed to improving the economy, adding that the IMF would continue working with the country over the long term to achieve economic stability.
He said meetings had also been held with Pakistani authorities to increase tax revenues, while serious efforts had been underway for several months to improve the country’s economy.
Meanwhile, Asian Development Bank (ADB) Country Director for Pakistan Dr Emma Xiaoqing Fan, addressing the conference, stressed the need to provide greater growth opportunities to the private sector.
She said a stronger private sector would also help Pakistan become more capable of increasing its exports.
Fan said reducing industrial costs was necessary to boost exports, while women should be given greater opportunities in skills training.
She pointed out that more than half of Pakistan’s female population was unable to contribute to economic development.
The ADB country director also called for increased access to loans for the private sector, particularly women entrepreneurs, to support business activities.
