ISLAMABAD: The government had laid solid foundations of the economy to promote long-term sustainable economic growth, a senior government official said on Thursday.

Addressing the launching ceremony of environment-friendly Electric motorbikes, Federal Minister for Industries and Production, Khusro Bakhtiar said that the country had to go to the International Monetary Fund (IMF) only because the foundation of the economy was not laid on solid grounds by the previous governments.

Ever since the incumbent government assumed power, it had its main focus on putting the economy on solid footings, he said, adding: “The country was now on [the] path of sustainable and quality growth.”

The government had to face challenges; however, it was successful in consolidating the economy and putting it on the path of growth, the minister said, adding that currently the reserves were growing, and the current account deficit was manageable, whereas the growth rate was recorded at 4 per cent and would reach 5 per cent during the ongoing fiscal year.

The government had announced auto policy to boost the automobile production in the country, besides announcing incentives for manufacturing electric vehicles for the production of environment-friendly vehicles, he added.

Since ‘Clean and Green Pakistan’ was a priority of the government, it would scale up the production of electric vehicles, Bakhtiar said, adding that the launching of electric motorbikes would introduce a new sector in the economy that would ultimately help pace up its growth rate.

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