[Pakistan] Economic policies have contained unemployment, poverty: Salman Shah

from The Pak Tribune

ISLAMABAD: Prime Minister’s advisor for financial affairs Dr. Salman Shah has lauded the economic policies of the present regime as conducive for containing poverty and unemployment.

Speaking at the inaugural session of CTI Conference, he announced an 8.4 % increase in GDP, over the previous year. This has produced a dynamic effect on the economic development of the country, creating new opportunities for employment, and elimination of poverty.

He said that private sector has been given incentives and all benefits, and people have started to trust the future planning and projects of the regime.

Dr Salman Shah said that a competitiveness support fund has been established with the help of USA, according to which USAID has so far disbursed Rs. 1.20 crore. Asian Development Bank and World Bank have been contacted for more funds.

Speaking on the occasion US ambassador to Pakistan Ryan. C. Crocker lauded the economic development policies as initiated by President General Pervez Musharraf and Prime Minister Shaukat Aziz. He announced a package of US$1.5 billion for various projects in coming five years. He said US$ 1.50 billion will be spend on health and education sectors through USAID platform. Other sectors include dairy, marble, jewellery, and rehabilitation of quake affected areas.

He also said that both sides have also decided to establish reconstruction opportunities zones on Afghan border as well as earthquake affected areas of Pakistan.

State Minister for Finance Omar Ayub, who also addressed the occasion, said that Pakistan’s speeding economic development has increased its needs of energy requirements, and to fulfill these, four mega Dams, including the Kalabagh Dam would be constructed, during the next ten years, which would help produce electricity up to 4000 MWs, and would earn the exchequer a revenue of US$ 4 billion annually.

He cited the work on Basha Dam, which ahs commenced, while Akhori, Munda and Kalabagh Dam would be constructed in near future. He said after 2000, a stable and persistent economic policy of the regime has brought conducive results, and during the past four years 10 textile projects have invested about U$ 5 billion. Livestock is being upgraded and 4% of GDP is to be spent on health and education.

All exclusive powers have been taken away from income tax officers, and bank reserves, which were empty, have become flooded due to conducive privatization 66 % of banks belong to the private sector.

He said that 6 years before the overall economic weightings amounted to U$62 billion, which has currently swelled to U$125 billion.