Targeting $100bn exports in 5 years vital to address external financing issues: Ahsan Iqbal
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ISLAMABAD: Minister of Planning, Development and Special Measures Ahsan Iqbal said that there is a need to increase domestic exports from $ 30 billion to $ 100 billion in next five years to cope with external financial needs of country.
He said annual funding requirements for Pakistan’s development programme were over Rs 1,900 billion, however government could manage to set aside only Rs 700 billion for current financial year due to financial constraints in ongoing fiscal year. Expressing views while briefing a meeting of National Assembly Standing Committee on Planning presided over by Khalid Magsi he said that PML-N government gave Vision 2010 and then Vision 2025 during its tenure, but previous government failed to approve five-year plan.
He said that former government kept calling everyone thieves and it angered China by accusing friendly country of expensive projects. “We are now restoring China’s confidence and government is all set to hold 11th meeting of Pakistan-China Joint Coordination Committee on China Pakistan Economic Corridor.” Ahsan Iqbal added that whole government was running on borrowing as tax and non-tax revenues of federal government would be Rs 9,000 billion this year, out of which Rs 4,000 billion would go to provinces and Rs 4,000 billion would be spent on paying debts. China has grand Belt and Road Initiative plan and Pakistan has advantage of its location, he said adding that benefiting from this advantage, we can become a trade hub in large region. He said that China also has advantage of getting an alternative corridor in CPEC.
If even 5 percent of China’s trade starts from Pakistan, it will be of great benefit to Pakistan. He said that during Tehreek-i-Insaaf tenure, there were problems regarding visas for Chinese companies. He said that after 18th amendment, 58 percent of revenue under NFC goes to provinces, continuation of economic development policies on sustainable basis and political stability is necessary.
Published in The Daily National Courier, October, 26 2022
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