Minister of State for Finance Bilal Azhar Kayani said on Monday that export-led growth was essential to stabilise the economy, as he presented a screenshot of the country’s improving financial situation achieved through the efforts of the government.

During a media talk in Islamabad, Kayani expounded on the improvement in Pakistan’s economy over the last 1.5 years, highlighting that the target of primary balance had been achieved.

He said the country saw a 26 per cent increase in tax collection during the last fiscal year despite modest gross domestic product (GDP) growth and a low inflation rate.

“We also increased the Federal Bureau of Revenue (FBR’s) tax-to-GDP ratio and decreased the inflation from 33pc to 4.5pc,” Kayani mentioned. The ratio, he specified, saw a 1.4pc increase, going from 8.8pc to around 10.2 to 10.3pc.

“We posted the first current account surplus in 14 years, which is also the largest current account surplus in 22 years,” he said, adding that foreign exchange reserves were one of the most important parts of the economy.

“When the current account is in surplus, our foreign exchange........

© Dawn Business