PML-N never done the politics for mere power gain :Ishaq Dar

Lahore: Federal Finance Minister Senator Muhammad Ishaq Dar said that PML-N had
never done the politics for mere power gain but for transforming Pakistan into a vibrant economy and stable by all aspects. “We took all the three challenges of economy, energy and terrorism head
on. The N-League leadership has firm believe that Pakistan economy can grow at a more fast speed and we all committed to achieve this goal,” he added.

The Finance Minister said that present government’s effective policies had ensured tax growth rate up to 33 percent in two years- 16.5 percent per annum- while it was mere 3 percent in the past.

This government has also the credit of setting new record by taking foreign exchange reserves up to USD 20.4 billion and earlier this record was USD 20.04 billion. While, the GDP growth rate is now at 4.24 percent and Tax to GDP ratio is 11 percent.

Ishaq Dar also mentioned that issue of stock exchanges merger could not be resolved during last 15 years but the present government ensured their merger within a short time and by January 1, 2016, Pakistan Stock Exchange would replace all three exchanges- KSE (Karachi), LSE (Lahore) and ISE (Islamabad). While, the Exim Bank would become functional in early 2016, he added.

Keeping in view the level of economic stability by the PML-N in only one year, he said, the China came forward and got ready to invest USD 46 billion in Pakistan under China, Pak Economic Corridor (CPEC). “One receives assistance by friends (foreign countries) in earthquakes and floods situations but they ready to do business and trade with you only if your economy is stable,” he said and mentioned that as usual, the PML-N is focusing all the sectors of economy especially agriculture, industry, SME, micro finance etc. for collective development and prosperity.

He said, the PML-N government had increased the development expenditure to Rs 700 billion from Rs 316 billion within two years only.The Finance Minister said that government would make tax collection
system more simple and easy, and assured the taxpayers that no tax official would tease them when they would display their tax certificate at the business and workplace. “We want to take the GDP growth rate up to 15 percent so that Pakistan develops herself not on the loan money but on her own finances and resources,” he maintained.

He said, Pakistan could easily rise as big economy on the world map for which everyone would have to play their role and “We have to separate politics from economy for a while.” In this way, he was of the view, Pakistan could also easily attain six to seven percent industrial growth rate.

The Finance Minister called upon the business community and banking sector not to depend only on the government businesses but also contribute to the country’s economy by taping the potential of agriculture sector, SMEs and micro finance.

Ishaq Dar said the government was also taking effective steps to end energy crisis and 10,000MW would be added into the national grid by March 2018, and that is not all, as the government had planned keeping in view the future and industrial needs of power, therefore, work had been initiated on a number of long-term power projects. He mentioned that work is underway on another 14000MW projects including 4500MW Dasu Dam, Diamir-Bhasha Dam and Terbela Extension etc.

The government also managed to restore overall peace in the country especially in Karachi and tribal areas, he said and added that Armed Forces deserve great appreciations for making the Zarb-e-Azb even a more successful operation against terrorists.

Earlier, the SBP Governor Ashraf Mahmood Wathra and Deputy Governor Saeed Ahmad highlighted the importance of Islamic Banking as well as the initiatives taken by the State Bank of Pakistan for promotion of Islamic banking and finance in the country.