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Is there a decline in deficit????

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    Is there a decline in deficit????

    Deficit declining

    By Our Staff Reporter

    KARACHI, July 21: Finance Minister Shaukat Aziz expressed confidence on Saturday that the country would be able to say goodbye to the International Monetary Fund in the next three years after taking up the last medium-term plan with the Fund in near future.

    The country would continue to borrow from the "friendly donors" to take up gigantic and economically productive programmes like construction of Gwadar port after bidding farewell to the IMF. This is normal borrowing, he explained.

    "We have achieved stabilization of the national economy and are now on a path of acceleration in growth," the minister claimed before an audience of traders and businessmen of the Karachi Chamber of Commerce and Industry (KCCI), who had assembled to sort out their problems arising from the budget-related anomalies.

    Quoting figures to claim that budget deficit has been narrowed down considerably, current account has been contained, revenue collection has improved appreciably in last two years, exports have gone up, inflation has been contained to less than 5 per cent, industrial production has picked up tempo to touch 8 per cent growth, Shaukat Aziz said the government fully understood the pain and sufferings of the people because of the 'structural reforms'.

    But these reforms are inevitable, he stressed while pointing out the importance of government's efforts to contain budget deficit, which has come down to 5.3 to 5.5 per cent tentatively as against 6.5 per cent last year. Countries where these budget deficits were not addressed, he said, suffered a lot and mentioned Turkey and Argentina where national currencies had lost their values resulting in a mass restlessness.

    The minister said the government was making public a medium-term roadmap towards economic recovery on August 14. He announced the government was determined to achieve a four per cent plus growth next year which may go up to 5 per cent in 2002-03.


    #2
    Good news yaar.

    musharraf zindabad

    Comment


      #3
      Originally posted by Abdali:
      inflation has been contained to less than 5 per cent,
      after so many raises in price of gas and petrol, if pak managed to keep inflation below 5%, that is a surprise. i sont believe these numbers.

      Comment


        #4
        Originally posted by ZZ:
        after so many raises in price of gas and petrol, if pak managed to keep inflation below 5%, that is a surprise. i sont believe these numbers.
        Inflation figure is right
        http://www.asiaweek.com/asiaweek/mag...ottomline.html

        Comment

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