Finance Minister Shaukat Tarin on Sunday revealed that the government will be giving targeted subsidies to the power sector in 2021.
According to the details, while addressing a news conference in Islamabad today, Shaukat Tareen said that the government is focusing on enhancing exports, revenue collections, and many different administrative measures in a bid to achieve sustainable economic growth.
Tarin stressed the need to build foreign exchange reserves to ensure sustainable growth. “Higher reserves will help avoid any balance of payment crisis.”
‘The recent indicators show an economic growth of 3.94 percent,’ said the Finance Minister; adding that, ‘But unfortunately deliberated attempts were made to make these statistics controversial. ‘
He said if the pace continues 5 percent economic growth is expected next year and over 6 percent in 2023.
Shaukat Tarin said long, short, and medium-term strategy is being evolved in 12 sectors. He said price stability is the top priority to bring down inflation and provide relief to the people.
Moreover he said that for both federation and provinces to have fiscal independence, the tax to GDP ratio has to be 18% to 20%.
He said enhancing revenue collection and reducing fiscal deficit are also the priority areas of the government.