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sibgakhan · #**127** Thursday, February 02, 2006

Pakistan poised to achieve rapid economic growth: ADB

F.P Report ISLAMABAD: The Asian Development Bank has said that Pakistan is poised to achieve accelerated economic growth during the next fiscal due to the successful implementation of economic reforms and continued buoyancy in domestic and external sectors. The Bank said in its Annual Report “Asian Development Outlook 2004”, released in Islamabad on Thursday. The report said the economic recovery started in the second half of financial year 2002 and gained momentum in fiscal 2003. It said, the current account surplus increased sharply, foreign exchange reserves touched new heights, the overall fiscal deficit declined further and inflation remained low. Export growth was also the highest in over a decade, it maintained. Agriculture will get a lift from investment made in irrigation infrastructure and adoption of water saving techniques by farmers during the drought years will also enhance agricultural production. The report noted that there has been a sharp increase in investment in Pakistan’s largest textile industry. The large scale manufacturing sector especially the textile industry is expected to grow by 8 to 9 per cent in the next two years. The report noted that a sharp rise in worker remittances, as well as a decline in interest payments on foreign debt pushed up the current account surplus by 49.5 percent last year. The country’s external debt and liabilities also declined by one billion dollars to 35.5 billion dollars in fiscal year 2003.The government has implemented a comprehensive debt reduction strategy of paying off expensive outstanding liabilities. Releasing the Report at a news conference in Islamabad on Thursday, the ADB Country Director Marshuk Ali Shah said Pakistan’s economy is gaining higher rates of growth which will be reflected both in terms of employment and investment over the next couple of years. He said the growth will continue to accelerate. Replying to questions, he said private investment has been increasing rapidly over the last couple of years particularly in manufacturing sector. He said the emerging new sectors of telecommunications and electronic media have been really booming for the last one year.Shah said the Bank is supplementing government efforts on poverty reduction and employment generation. To a question, he said Pakistan has gone through very significant reforms in the banking sector and the non-performing loans as a percentage to total loans have been declining.

Pakistan to be introduced as a Progressive state: Jamali

BANGKOK: 'Role should be played for building the image of Pakistan as a progressive state' . This was said by the Prime Minister Mir Zafarullah Khan Jamali while inaugurating the foundation stone of Pakistani embassy in Hong Kong here on Friday.

He stressed the need to portray Pakistan as an ideal state for investment at the same time be conducive to help Pakistani citizens in their role to solve problems.

jang.com.pk