ISLAMABAD, 15 October 2012: Federal Minister for Finance Dr. Abdul Hafeez Shaikh said that owing to prudent policies of the government, the performance of the agriculture has enhanced as surplus crop yield has been recorded this year.
“This year we have surplus wheat, sugar and cotton crop because of democratic governments good policies”, the Finance Minister said while meeting with Haruhiko Kuroda, President Asian Development Bank (ADB) in Tokoyo.
According to press statement issued by the Finance Ministry here, Shaikh said that despite a series of natural calamities, Pakistan has been able to raise its agriculture produce because of good agricultural policies.
This has also contributed in well-being of the people in rural areas, the Finance Minister remarked.
Highlighting the economic situation in Pakistan, the minister said that measures are being taken to bring macroeconomic stability in the country.
He said that the government tried to remain fiscally austere which can help it bring stability in economy.
He said that despite various constraints, the government is trying to mobilize the resources adding in the last two years the government has doubled the tax collection.
This year the growth rate is expected to be around 4% and the government has been successful in bringing the inflation to a single digit, the Minister added.
On the occasion, the ADB President appreciated the Pakistan government’s efforts for maintaining macroeconomic stability in the country saying “the general economic situation in Pakistan is good.
The President of the ADB reassured the construction of Bhasha Dam Project, saying that ADB will take a first step by moving the technical assistance proposal to the International Monetary Fund (IMF) Board. The project will help reduce the energy mix prices of the electricity, he maintained.
Dr. Abdul Hafeez Shaikh also held meeting with his Saudi counterpart at the sidelines of 2012 annual meeting of World Bank and IMF at Tokyo.
Both the ministers reviewed the bilateral economic relations during which Dr. Shaikh thanked the Saudi government for the grant of US $ 100 million.
The Saudi Finance Minister assured the finance minister of full support and reiterated the commitment of his government that its financial aid would continue for the ongoing projects in Pakistan.