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Government to focus on economic structural reforms to bring Pakistan among middle income countries. Federal Minister.

Dated : 23 October 2018

Federal Minister for Planning, Development & Reform Makhdoom Khusro Bakhtyar has said that the Government is working on a robust economic plan to introduce structural economic reforms to bring Pakistan among the middle income countries in the long term. He stated that improving tax administration, encouraging financial institutions to expand the range of savings and investment instruments, reducing the procedures, cost and time associated with investing, improving management practices and supporting technology extensions would bring about economic turnaround for the country.

The Federal Minister was talking to Country Director, World Bank, Mr. Patchamuthu Illangovan who along-with a delegation called on him today at Islamabad. Secretary Planning Zafar Hasan, Member Infrastructure Malik Ahmed Khan, Project Director CPEC Hassan Daud Butt and senior officials of the Ministry were also present in the meeting.

The Minister stated that government offers friendly investment policies and Pakistan is emerging as one of the attractive destinations for foreign investment. He said that efforts were underway to improve governance with a particular focus on e-governance in order to enhance productivity. He underlined the need to streamline the PC-1 preparation process for efficient planning and designing of projects. The Minister stressed on immediate need to enhance the tax revenues to 20% of GDP and simultaneously increase the domestic savings rate to 20% of GDP.