Pakistan's Economy Needs To Stay Solvent: Miftah.

KARACHI -- Rupee has started appreciating against dollar in last few days as a result of decreasing imports and the foreign exchange outflow. However this is not the best case scenario in terms of economic growth. This was stated by Federal Minister for Finance and Revenue Miftah Ismail on Friday while speaking at Gong Ceremony at Pakistan Stock Exchange, which was also attended by PSX Chairperson Dr Shamshad Akhtar.

The minister said that the country needs inclusive and sustainable growth and the government is taking all possible measures for the same. He acknowledged the importance of capital markets and the critical role they play in the development of a modern economy. And, the government was committed to address all issues confronting the capital market in Pakistan.

About the macro-economic situation prevailing in the country, the minister said that being an economist, he looks at the fundamentals. From a macro-economic perspective, the economy needs to stay solvent and protect it from default.

Miftah said that he personally did not believe in import substitution model but in export expansion. Soon incentives for exporters would be provided. Pakistan's tax to GDP ratio was very low at 9.2 percent, which needs significant increase for sustainable growth and development would go for reforms for the same...