ISLAMABAD, June 5: Finance Minister Shaukat Aziz said on Wednesday that a solid foundation of Pakistan’s economy had been laid and now it was in position to meet any eventuality.

“Defence needs of the country will be fully catered for and Pakistan would continue to stay the course of reforms to further consolidate economic gains made in the last two and half years,” he said while chairing the ECC meeting held here.

The minister expressed satisfaction over availability of stocks, stability in prices of consumers’ items and encouraging economic indicators, including low inflation under three per cent and achievement of revised GDP growth target of over 3.3 per cent.

The ECC noted that gross foreign exchange reserves, which stand at $5.6 billion, are likely to cross $6 billion by the end of current financial year.

The minister, however, said a lot more needed to be done and “we need to stay the course so as to leverage the targets desired as a result of reforms”.

The meeting noted that average prices of various commodities during the week ending May 30, 2002 were generally satisfactory except prices of eggs and tomatoes, which showed an increase of 12.60 per cent and 7.8 per cent, respectively.

The prices of onion decreased by 3.03 per cent and prices of masoor, mash, gram pluses, sugar and rice Irri decreased in the range of 0.08 per cent to 0.03 per cent.

The prices of moong pulse, beef, mutton, bread plain, vegetable ghee (tin), tea and electrical charges, etc., remained unchanged.

The meeting noted with satisfaction growth in exports.—APP