Miftah Ismail unveils Economic Survey 2021-22, GDP growth estimated at 6%

ISLAMABAD (92 News) - Finance Minister Miftah Ismail unveiled the Pakistan Economic Survey (PES) 2021-22, showing the GDP growth of six per cent.

Addressing a press conference along with Planning Minister Miftah Ismail on Thursday, Miftah Ismail said that the import bill increases by giving perks to the rich. 

He said that salaries and pensions would be increased in the budget. "The country was heading towards bankruptcy, but we changed the course." 

The minister said that Imran Khan knew that he was going and he reduced the petrol price. "Imran Khan planted explosive devices for the country. The country would have benefitted had the long-term agreements signed during the Covid-19 pandemic," he declared. 

He said that the economy will stabilize by giving perks to the poor and the middle class. "We will give benefits to the export industry. The dollar rate increased due to increase in the current account deficit and reduction of reserves to US$5.6," he added. 

The minister said that Imran Khan did not install power units and as a result, loadshedding is being observed. "The government is making all efforts to secure financial support from friendly countries through bilateral and multilateral arrangements in addition to the IMF program and deferred oil payments. To cope with inflationary pressures, the government is ensuring a smooth supply of commodities, checking profiteering and hoarding," he added. 

Miftah Ismail said that the government is conducting vigilant monitoring of prices both at the federal and provincial levels. We are giving targeted subsidies so that the vulnerable people of the society could remain protected from rising oil and commodity prices." 

He said that Prime Minister Shehbaz Sharif had announced a relief package amounting to Rs 28 billion, a monthly relief package of Rs 2,000 for 14 million poor families. The government has sustained pressure to provide relief and full inflationary pressure is not passed on to the domestic consumers.

The minister said that a complete ban had been imposed on the import of more than three dozen non-essential luxury items as part of an emergency economic plan to stabilize the national economy. "The government is focusing on expenditure management strategy along with revenue mobilization to create fiscal space by putting less burden on the vulnerable segment of the society," he concluded. 

Salient features of Economic Survey 2021-22

• For FY2022, Provisional GDP growth has been estimated at 97%,on the back of 4.40, 7.19, and 6.19 % in the agriculture, industry, and services sector respectively.
• LSM (Jul-Mar FY2022) posted a growth of 4%(4.2% last year).
• Exports (Jul-May FY2022) increased by 8% to $ 28.8 bn ($ 22.6 bn last year).
• Imports (Jul-May FY2022) grew by 3% to $ 72.2 bn ($50.0 bn last year).
• Trade deficit (Jul-May FY2022) increased to $43.3 bn (deficit of $ 27.4 bn last year)
• Remittances (Jul-Apr FY2022) increased by 6% to $26.1 bn ($ 24.3 bn last year).
• FDI (Jul-Apr FY2022) decreased by 6 % to $ 1455.6 mn ($ 1480.0 mn last year).
• Current account deficit (Jul-Apr FY2022), stood at $ 13.8 bn ($ 0.5 bn last year).
• Foreign Exchange Reserves (June 2^nd, 2022): Total liquid foreign reserves held by the country stood at US$ 15.2 bn ($23.2bn last year)
• SBP: $9.3 bn ($16.0 bn last year), Commercial banks: $6.0 bn ($7.2 bn last year).
• CPI Inflation (Jul-May FY2022) was recorded at 3% (8.8% last year).
• FBR Tax collection (Jul-MayFY2022) grew by 28.4 % to Rs. 5348.2 bn (Rs 4164.3 bn last year).
• The fiscal deficit (Jul-Apr FY2022) was recorded at 4.9 % of GDP (Rs 3275 bn) against 3.6 % of GDP (Rs 2020 bn last year).
• Primary balance (Jul-Apr FY2022) posted a deficit of Rs 890 bn (a surplus of Rs 159 bn last year).
• Private sector credit increased to Rs 1,312.9 bn during 1^st July-29^th April, FY2022 against Rs 454.4 bn last year.