Economic strength owing to reforms: PM
By Asad Cheema

ISLAMABAD—Prime Minister Shaukat Aziz Thursday attributed the growing strength in Pakistan’s economy to the six-year reform process, earning the country distinction of being one of the leading reformed economies in the developing world.
Talking to Jeuergen Fitschen Member of group Executive Committee, Deutsche bank, who called on him at the PM House, he said the wide ranging structural reforms coupled with the consistency and continuity of policies have transformed Pakistan into a resurgent economy.
“It is a fast growing economy with rapidly expanding middle class and growing purchasing powers,” he added.
The Prime Minster while apprising the Deutsche bank delegation of the rationale of the country’s economic policies, pointed that last year Pakistan emerged as one of the five fastest growing economies in Asia. This year the country’s economy is expected to grow by 7%.
He said Pakistan achieved the high growth rate while maintaining stability in the macro-economic environment.
Prime Minister Aziz said Pakistan was addressing its major challenges by providing more resources for education, health and the social sector development as well as for improving governance.
The growing strength of Pakistan’s economy, he said, was also attracting increased foreign investment as last year the country received over 1.5 billion US$ in FDI.
He described it as a significant achievement compared to 5-6 years ago when the average FDI was much lower. He attributed strength of growing economy to the reforms and said it was precisely due to this reason that the economy continues to grow despite unprecedented rise in the oil prices in the international market.
The Prime Minister said liberalization, deregulation and privatization formed the major planks of our reforms process.
Moreover, transparency and efficiency are the new watch words in the country, as it is poised to face new challenges.
The Prime Minister however said that the government was not complacent with what it has achieved since the challenge was not only to sustain the growth momentum but also to continue efforts aimed at improving the quality of life of the people.
He said Pakistan of today is Pakistan of opportunity, hope and promise as the country continues its journey on road to development.
Jeuergen Fitschen complemented the government on its laudable achievements in the economic field.
He said Pakistan has emerged as a strong player in the global economy. The international community particularly the international banking and financial world are viewing Pakistan as a rising economy of Asia.
He termed his discussions with the Prime Minister as frank and useful and expressed the confidence that if the country can move ahead with the current growth rate, there would be a major transformation.
He said the German companies were interested in investment in Pakistan, which would help integrate Pakistan into globalized economy.
INP adds: Prime Minister Shaukat Aziz has attributed the growing strength in Pakistan’s economy to the far reaching reform process initiated over the last six years which enabled it to earn the distinction of being one of the leading reformed economies in the developing world.
He was talking to Mr. Jeuergen Fitschen, Member of Group Executive Committee, Deutsche Bank, who called on him at the Prime Minister’s House today.
The Prime Minister said that the wide ranging structural reforms coupled with the consistency and continuity of policies had transformed Pakistan into a resurgent economy. It is a fast growing economy with rapidly expanding middle class and growing purchasing power, he added.
The Prime Minister, while appraising the Deutsche Bank delegation of the rationale of the country’s economic policies, pointed out that last year Pakistan emerged as one of the five fastest growing economies in Asia and this year the country’s economy is expected to grow by 7%. He said that Pakistan had achieved the high growth rate while maintaining stability in the macro-economic environment. Pakistan is addressing its major challenges by providing more resources for education, health and social sector development as well as for improving governance, he observed.
The growth strength of Pakistan’s economy, he said, is attracting foreign investment as last year the country received over 1.5 billion US$ in FDI. This is a significant achievement compared to 5-6 years ago when the average FDI was much lower. He described the growing strength in the economy as an outcome of the reforms and said that it was precisely due to this reason that the economy continues to grow despite unprecedented rise in the oil prices in the international market.
The Prime Minister said liberalization, deregulation and privatization formed the major planks of our reforms process. Moreover, transparency and efficiency are the new watch words in the country, as it is poised to face new challenges.
The Prime Minister however said that we are not complacent with what we have achieved so far since the challenge now is not only to sustain the growth momentum but also to continue efforts aimed at improving the quality of life of the people. He said Pakistan has emerged as a strong player in the global economy. The international community particularly the international banking and financial world are viewing Pakistan as a rising economy of Asia.
He turned his discussions with the Prime Minister as frank and useful and expressed the confidence that if the country can move ahead with the current growth rate, there would be a major transformation. He said that the German companies are interested in investment in Pakistan, which would help integrate Pakistan into global economy.