ISLAMABAD: Government’s policies have turned the economy around which was on the verge of collapse a few years ago, Finance Minister Ishaq Dar said on Saturday.

However, the opponents were unable to digest this progress as they were aware that if the current government completed its tenure, it would be hard for them to win the 2018 election, he said while addressing the inaugural ceremony of a new building of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

The government aimed to lift the GDP growth rate from 4.7 per cent to 7pc in the near future, he said, adding that economic indicators have improved considerably during the past three years.

He said global institutions including the World Bank and the International Monetary Fund have predicted 5pc growth rate during this fiscal year.

The foreign exchange reserves have increased from less than $7 billion three years ago to over $24bn now while the foreign exchange reserves of the State Bank of Pakistan have also risen from $3bn to $19bn, he said.

He said 22 reputed financial institutions of the world have appreciated Pakistan’s economic performance. Tax collection has increased 60pc in the past three years, he added.

Despite slowdown in the world’s economy, the sale of sukuk (Islamic bonds) on the international market drew good response and the bond was taken at 5.5pc rate, Mr Dar said. “Businessmen are equal partners in this journey of progress and prosperity.”

He stressed the need for separating politics from economy, saying that he has been advocating for developing sustainable economic policy in consensus with all the political parties to take the country forward.

He said the menace of load-shedding would be overcome by 2018 as additional electricity was being injected into the national grid.

Published in Dawn October 23rd, 2016