Increase of 23% recorded in exports in November: Dr. Salman

ISLAMABAD—There has been a 23 per cent increase in exports in the month of November as compared to that of the corresponding month of last year.
This was stated by Adviser to the Prime Minister on Finance, Dr. Salman Shah, here Saturday night.
He was talking to reporters after performing the inauguration of MCB Asset Management Company here.
The Adviser was of the view that this trend of increase in the exports should continue.
He said the exporters have good orders and this suggests that the trend of growth in exports would continue.
Dr. Salman Shah said the levels of foreign investments in Pakistan are very good. “In the first quarter the figure was dollars 1.2 billion and till now we have crossed the figure of dollars two billions. If this trend continues then we can expect foreign investment to the tune of dollars 4.5 to five billion.”
He stated that along with this, the remittances are also in a good position.
The Adviser pointed out that there is a surplus of balance of payment and that by the end of the year our reserves would be better than those of the previous year.
He said there has been a bit slow-down in the imports which is a positive element.
Dr. Salman Shah said if the international energy prices come down it would benefit Pakistan’s balance of payment and that there would also be positive impact on inflation within the country.
He stated that the situation in agriculture sector appears to be good. The growth in the industrial manufacturing is on track.
“Inshallah this year would also be a good year for us,” the Adviser remarked.
Replying to a question, he said the Thar coal is a very major deposit but there is some complexity in it as well. Very complex arrangements would have to be undertaken to exploit this, he added.
“Our efforts to use this because this is a resource which can bring down our energy costs. However, the success in this would be through a technological breakthrough,” he said adding that imported coal was also quite viable for power generation. In future, coal will be an important part of the energy mix.
Dr. Salman Shah said energy requirements are going up at a rate double than our economic growth rate which means that there is need to enhance the energy efficiency as well. The conservation in industry and domestic usage can play a very important role, he added.
This would also bring a positive impact on our balance of payment, he added.
Replying another query, the Adviser said in the budget there are certain projections and the government’s efforts are that the fiscal deficit’s projection as mentioned in the budget documents be met.
He said, “as long as we are on the target with regard to fiscal deficit and the projections, and if the prices remain the same (in the international market) then we will Inshallah bring down the oil prices.”—Agencies