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Pakistan’s economy is improving: US Delegation  

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BAKU: Pakistan’s economy is improving and has been recovered much in record time which has also been acknowledged by top world publications said by the US delegation in a meeting held in Baku on the sidelines of 48th meeting of the board of governors of Asian Development Bank (ADB).

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A US delegation led by Marisa Logo held meeting with Federal Minister for Finance Ishaq Dar in Baku on sidelines of ADB annual meeting and lauded at the current economic situation of Pakistan. The delegation commended economic recovery of Pakistan in record time.

Just a day before, the UK based leading newspaper ‘The Economist’ also appreciated Pakistan for enjoying a rare period of optimism about its economy. According to The Economist, “The economy will grow by 4.7% next year, the fastest rate in eight years. Consumer prices rose by 2.5% in the year to March, the smallest increase for more than a decade. Twice already this year the central bank has lowered its benchmark interest rate. Some indicators are pointing to an upturn in spending. Compared with a year earlier, cement sales, which are a guide to how much construction is taking place, rose by 5.5% from July to March. Car sales rose by 22% over the same period.”

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Pakistan economy is recovering as authorities have made progress with consolidating macroeconomic stability, strengthening public finances, and re-building foreign exchange buffers, As a result, immediate risks have greatly receded, economic growth is gaining strength, inflation is declining, and macroeconomic vulnerabilities are gradually addressed.

Finance Minister said that economy of the country has started to grow again and it is on right track due to far-reaching structural reforms, stabilization measures and initiatives of the past 25 months.

Moreover, the helping role of Pakistan in present earthquake situation in Nepal was also appreciated by the member countries of ADB. Finance Minister on behalf of Government of Pakistan offered to provide 25% of Nepal’s earthquake shelter needs.

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