The inflation rate has been recorded below three percent, which is the lowest in 46 years. In 1968-69, inflation was recorded at 1.6 percent.Pakistan’s economy is gaining momentum as the foreign exchange reserves have also gone above the historic mark of $23 billion.
While talking about the economic turnaround of the economy, Minister for Finance Senator Muhammad Ishaq Dar confirmed to The News that it was for the first time in the country’s history that the Federal Board of Revenue (FBR) had achieved the target of tax collection, which was Rs3,104 for the year 2015-16. He said the tax collection was slightly higher than the target, which was a positive sign and showed that the government was moving forward in the right direction of economic stability.
He said the FBR achieved its ambitious tax collection target of Rs3,104 billion, confirmed by the FBR high-ups on late Thursday night.
He said the foreign currency reserves touched the historic height of $23 billion on June 30, 2016. “AlhamdoLillah, Pakistan’s foreign exchange reserves reached the new highest record of $23 billion, including foreign reserves of $18.1 billion held by the SBP and $4.9 billion held by the commercial banks. “Heartiest congratulations to PM Nawaz Sharif and the whole nation on this auspicious occasion,” he added.
The finance minister, making an announcement before the media on Friday morning, stated it was significant that the original target of Rs3,104 billion set in Budget 2015-16 had been maintained and no downward revision was made during the year, which had been a common practice in the past.
He said it was a stiff target and the FBR deserved appreciation for achieving it. The revenue collection showed 20 percent annual growth and an overall 60 percent growth compared to revenue collection in 2013 when the present government assumed responsibilities.
The minister said that revenue collection of Rs3,104 billion would mean that the provinces would be receiving around Rs700 billion more from the divisible pool compared to what they had received in 2012-13. This significant increase allowed the provinces to carry out projects and programmes of public benefit and interest.
