Pakistan : Federal Budget 2014-15 to Be Announced Today

Islamabad: Pakistan Muslim League-Nawaz (PML-N) government is all set to present its second budget before the parliament for the fiscal year 2014-15 with an outlay of around Rs.3.8 trillion Tuesday.

While launching the Economic Survey of Pakistan on Monday, the Finance Minister Ishaq Dar said against last year’s growth of 3.6%, the country has grown by 4.4% in the fiscal year 2013-14 being the highest in last six years.

He said during one year in office PML-N government has laid foundation for and now there would be economic growth in coming years leading to prosperity and poverty alleviation. He further added the economic turn around was due to PML-N government’s serious economic agenda and its serious efforts to implement the same.

Dar said the international financial institutions were commending the remarkable improvement in the economy.

The finance minister claimed manufacturing sector grew by 5.13% against 0.84% last year, gas generation grown by 3,72% against a negative growth of 16,33% lat fiscal year, construction industry grown by 11.31% against last year’s negative growth of 1.6% last year.

He, however, admitted that “We have missed the targets but we still achieved 75% to 80% of our goals against each target.” The Economic Survey of Pakistan also revealed that stabilizing foreign exchange reserves, appreciation of Pak rupee exchange rate, stability in prices in spite of heavy adjustments, improved energy supply, industrial growth, increased remittances, good performance of Karachi Stock exchange, issuing euro bonds, auction of 3G and 4G licenses mainly helped in turning around the economy.