ISLAMABAD, Feb 18 (APP): Pakistan will see its annual economic growth
rate surge to seven percent in two years as it reaps the benefits from China
and others investing more than $40 billion in infrastructure, said Secretary
Finance Dr. Waqar Masood Khan.
Prime Minister Nawaz Sharif’s government was showing its seriousness in
implementing economic reforms by heading toward completion of an International Monetary Fund loan program, Khan was quoted as saying by `Bloomberg’ on Thursday.
“We still face challenges in achieving a higher growth,” Khan said,
adding “compared to our potential, our growth rate is significantly low.”
The Nawaz Sharif’s government is targeting growth of 5 percent for the
current fiscal year ending in June, an eight-year high, as he works with the
IMF to turn around an economy hindered by energy shortages and terrorism.
China’s plans to invest $46 billion in an economic corridor are fueling
optimism that growth is set to reach new heights.
Khan said completing an IMF loan program “is always very tough.”
He declined to say whether the government would seek to borrow more
from the IMF in the future.
“We will cross the bridge, when we come to it,” he said.
Khan does not see hurdles in selling a stake in national flag carrier
Pakistan International Airlines Corporation.
“It is evident that there is more interaction required between the
stakeholders,” he added.
“The government’s commitment to bring strategic partner in PIA and
other power companies is there and would be accomplished through a consultative process.”
“The government has raised about $1.5 billion selling its remaining
stakes in banks that has helped increase the central bank’s foreign reserves
to about $16 billion”, Khan said.