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Pakistan to revive industrial sector, increase exports
ISLAMABAD, June 12: Pakistan’s new free enterprise government has two priorities, to revive a sluggish Industrial sector and Increase exports, Finance Minister SartaJ Aziz said Wednesday, reports AP.
"Everything else will fall in line,” he said. Prices will come down. The foreign deficit will be reduced. There will be more Jobs. Pakistan will import less and export more.
Aziz made these optimistic predictions when he released the annual Economic Survey, that evaluates the economic performance of Pakistan over the past year.
The survey painted a bleak picture, which Aziz blamed on the ousted government of Benazir Bhutto, sacked last
November for a variety of reasons, Including economic mismanagement.
The survey showed a declining growth rate, increased imports, sluggish exports and^a minus growth rate in the manufacturing sector.
"Last year was consistently the worst year on record." he told a news conference.
Last year's growth rate was barely 3 per cent, down from the 4.6 per cent in the previous year. The target growth rate was 6.3 per cent, the survey said.
Pakistan's domestic debt is 25 billion dollars and its foreign debt roughly 33 billion dollars. Roughly one third of Pakistan's annual budget is devoted to just serving the mammoth debt, the survey showed.
Pakistan will announce Its budget on Friday, although no big surprises are expected.
It's expected the government will try to reduce Its deficit to five per cent of gross domestic product from the current 6.3 per cent.
Aziz said the budget will concentrate on two big items — increasing-exports and reviving the industrial sector.
We have to do this." he said.
Aziz said there will be no major tax Increases in Friday's
Rather he said Prime Minister Nawaz Sharif already has reduced taxes and tariffs.
Aziz said the government is hoping to Jump start industrial production and accelerate the economy "so we get more from the existing taxes."