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Pakistan sets 4.8% growth target for next fiscal year

Recorded 3.9% production-driven growth this year

SAMAA | - Posted: May 28, 2021 | Last Updated: 2 months ago
SAMAA |
Posted: May 28, 2021 | Last Updated: 2 months ago

The government has set a growth target of 4.8% for the next fiscal year, Planning Minister Asad Umar announced Friday.

The country recorded 3.94% growth this year, Umar said at a press conference in Islamabad.

It was driven by the production sector, according to the minister. The government is ensuring quality and sustained growth.

The main pillars of growth for the next fiscal year will be exports, industries, construction, IT, agriculture, poultry and remittances, he said.

About the cotton crop, the minister said it is estimated to yield 10.50 million bales in the next year due to provision of quality seeds and pesticides to farmers.

The country's exports are expected to rise to $26.8 billion in the next fiscal year from $25.2 billion this year, he said.

There has been record growth in remittances this year, which are expected to touch the level of $29.1 billion by the end of this fiscal year, according to Umar. He expects them to increase to $31.3 billion next year.

The minister said the annual development plan, the PSDP, was being enhanced to Rs900 billion for the next fiscal year from this year's Rs650 billion.

The government aims to fully utilize the PSDP amount, which it says will contribute to the growth figure. It aims to initiate projects worth Rs1 trillion next year through public-private partnership.

Umar said the packages announced for Karachi, and select districts of Sindh, Balochistan and Gilgit-Baltistan will be financed from the PSDP. It will provide funds for the construction of dams too.

The government plans on allocating Rs28 billion for the health sector and Rs37 billion for the Higher Education Commission, according to the minister. Rs5 billion rupees have also been allocated for the Skill Education Programme.

The current account deficit for the next fiscal year is estimated to be 0.07%, he added.

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