Pakistan’s GDP expected to grow up to 5% in FY22: Finance Minister

October 15, 2021: Federal Minister for Finance and Revenue Mr. Shaukat Tarin said that Government is firmly committed to all-inclusive and sustainable economic growth with a key focus on the “bottom-up” approach as envisaged by the Prime Minister.

While addressing a round table meeting organized by the United States Pakistan Business Council (USPBC) in Washington DC, the finance minister underlined the present Government inherited a difficult economic situation.

As a consequence of prudent policies and fiscal consolidation efforts, FBR has exceeded the target of revenue collection by approx. Rs. 180 billion during the first quarter of FY 2021-22. Similarly, our exports are likely to cross $30 billion by the end of the financial year 2021-22. Moreover, the remittances have registered an increase of $2.7 billion during the month of September 2021 and reached $8 billion during the first quarter of FY-2022, the minister said in a statement.

These figures project continuity in the momentum of GDP growth which is likely to be close to 5% during the current financial year. Pakistan is back on a growth trajectory due to visionary pro-growth policies of the Government, he added.  

The Finance Minister further apprised that the Government is taking a number of initiatives to attract foreign investment into the country. For this purpose, full facilitation is being extended and all hurdles are being removed. He quoted the example of MetLife whose longstanding issue had been recently resolved.

In his concluding remarks, the Finance Minister stated that the Government is firmly committed to providing an enabling environment for foreign investors and businessmen. He invited American enterprises to take advantage of ample opportunities offered by the Special Economic Zones (SEZs) and affirmed full support and facilitation on the occasion.

Representatives from the US Chamber of Commerce, leading business enterprises, Governor State Bank of Pakistan, Finance Secretary and Ambassador of Pakistan to the US participated in the meeting.  

Press Release