Ishaq Dar unveils Economic Survey 2014-15; key targets missed
ISLAMABAD (92 News) – Finance Minister Ishaq Dar on Thursday presented the Economic Survey 2014-15 on Thursday.
Addressing a press conference, the minister said that the budget could not achieve the important economic targets due to PTI’s sit-ins, floods and reduction in oil prices. “The targets of taxes and deficit could not be achieved. The agriculture, industrial and services departments also missed targets,” he said.
Ishaq Dar said that the government had set the economic targets for next three years and all-out efforts will be made to achieve them.
He said that he would quit politics if the money laundering charges proved against him.
He said that inflation rate is expected to close below five percent by the end of this financial year, record seven-year low.
He expressed confidence that the revised tax collection target of Rs 2,605 billion would be achieved. “In the first 10 months of the current financial year, Rs 1,972 billion have been collected.”
The minister said the country had suffered losses of US$107 billion due to war on terror from 2001 to 15.
“This year’s estimates are US$4.5 billion as compared to US$6.6 billion last year. Exports are expected to reach US$27 billion and in the first 10 months, export stood at US$20.18 billion. Current account deficit during first 10 months of the year was US$1.36 billion as compared to US$2.82 billion for the whole year. There has been 16 percent increase in remittances by Overseas Pakistanis in the first 10 months of this year against same period last year,” he said.
Ishaq Dar said that foreign investment in first 10 months of the year was US$2.60 billion as compared to US$3.11 billion during the same period last year.
He said that foreign exchange reserves stood at US$16.73 billion, which are expected to cross US$17 billion tomorrow. “The exchange rate in June last year was Rs 102.86 a dollar whereas the inter-bank rate yesterday was Rs 101.88,” he added.
He said that per capita income now is US$1,513 as compared to US$1,384 in June last year.
The minister also announced medium-term macroeconomic target of the present government from 2015 to 2018.