ISLAMABAD: Painting a rosy picture detailing “improvements” in the social and economic sectors, Information Minister Pervaiz Rasheed claimed on Sunday that the PML-N government had rejuvenated the economy in the 17 months it had been in power.

The minister came to his press conference at the Press Information Department armed with a plethora of facts and figures that showed just how well the ruling party had performed in terms of economic indicators.

Despite saying that the government was currently focusing on three major issues — terrorism, energy and development — he avoided questions on the key issue of terrorism. He also evaded questions regarding progress on the National Action Plan (NAP) to counter terrorism and extremism.

However, he began the presser by condemning the recent suicide attack on an imambargah in Shikarpur that claimed over 58 lives.

A journalist also drew the minister’s attention to the fact that prices of consumer items such as flour, vegetable ghee, sugar, rice and pulses had not come down despite an unprecedented decline in petrol prices. However, Mr Rasheed claimed that the sharp decrease in petroleum prices had a trickledown effect and that now people had more purchasing power.

Mr Rasheed claimed that after the drop in international oil prices, many countries have reduced fuel prices, but the PML-N government extended more relief to the people than any other country in the world. “In 2014, one litre of petrol cost Rs107.97, but now it sells for Rs70.29. We have given the people Rs37.68 relief on every litre of petrol,” he said.

Pervaiz Rasheed avoids questions on NAP, focuses on positive economic indicators instead

Similarly, he said that diesel used to cost Rs109.34 per litre last year, but was now selling at Rs80.61, a relief of Rs28.73, while kerosene oil, light diesel oil and High Octane prices had dropped by Rs35.61, Rs35.33 and Rs54.32 respectively.

The minister also compared the price of a litre of petrol in Pakistan with other countries to prove that Pakistan was passing on the most benefit to consumers. He claimed that one litre of petrol cost (equivalent of) Rs103.39 in India, Rs97.91 in Sri Lanka, Rs102.1 in Nepal, Rs91.02 in Australia, Rs144.12 in Germany, Rs145.27 in France, Rs162.8 in UK, Rs172.4 in Turkey, Rs175 in Italy and Rs177.3 in the Netherlands.

Economic indicators

Mr Rasheed then began listing economic indicators, which he said proved that Pakistan was economically better off today than before his party took office.

Comparing different indicators for a six-month period between July and December for 2014 and 2013, he said the Federal Board of Revenue (FBR) had collected Rs1162.4 billion in taxes last year, compared to Rs1034.4 billion collected in 2013.

Foreign remittances stood at $8.982 billion last year, against $7.792 billion in 2013. Foreign Direct Investment was recorded at $529.1 million in 2014 against $445.1 million in 2013. Inflation remained at 4.3 per cent last year against 9.2 per cent in 2013.

In addition, over the last six months of 2014, agricultural loans of Rs219.524 were given out, as compared to Rs159.373 million loaned to farmers the year before.

Development spending (between July 2014 and Jan 2015) was Rs184.71 billion, compared to Rs99 billion between July and November, 2013. The government also crossed the IMF’s target of attaining a 4.3 per cent GDP growth rate and managed to bring the rate up to 5.1 per cent last year, against 4.14 per cent in 2013.

He also said that the Karachi Stock Exchange (KSE)-100 Index had seen a 16.3 per cent increase, going up to 34,408 points in 2014 against 29,653 points in 2013.

Talking about foreign exchange reserves, the minister said they had swelled to $15 billion and the rupee had consolidated its position against the US dollar. In 2014, one dollar was worth Rs98.74, compared to Rs111 in 2013.

Published in Dawn February 2nd , 2015

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