December 6, 2002	Friday	Shawwal 1,1423

ISLAMABAD, Dec 5: Economic adviser and spokesman of the Ministry of Finance, Dr. Ashfaq Hassan Khan on Thursday said that retail sales of items related to Eid are significantly higher this year than any previous year.

Talking to APP here he said, this sharp increase in the sales reflects economic revival in the country.

He said the remittances in four months, which are $1.4 billion have also played a significant role in increasing domestic demands in the country.

He said the sharp increase in revenue collection in first five months of the current financial year also reflects economic stability.

The revenue collection registered 16 per cent increase, in particular, indirect taxes are up by 21 per cent and sales tax are up by 29 per cent.

The most important sales tax on domestic economic activity is up by 46 per cent as compared to corresponding five months of the last fiscal year, he added.

He said the signs of economic revival are also reflected in rise in imports and particularly almost 21pc increase in the imports of non-food and non-oil imports.

He said that machinery imports are up by 25 per cent.

These are the symptoms of the revival of economic activity in the country and on the other hand, exports are also up by 15 per cent.

He said the three years of economic reforms and macro stabilization programme has laid the strong foundation of economic revival in the country.

With the increase in foreign exchanges reserves, which are more than 9 billion and stability in the exchange rate, both domestic and foreign investment are likely to pick up in coming months.—APP