Hafeez briefs PM on economy

OUR STAFF REPORTER

ISLAMABAD:-

                            Federal Finance Minister Abdul Hafeez Sheikh met Prime Minister Yousuf Raza Gilani here Thursday and briefed him on the state of national economy, which is showing positive indicators since the start of new fiscal year.

The finance minister said that the revenue collection during the month of July was Rs 105 billion, an increase of 36 percent over the corresponding period of last July. The exports, he said, were 2.3 billion dollars, an increase of 27 percent as compared to the month of July last year. He further said that the remittances in July during the FY-2011-12 stood at 1.1 billion dollars, representing an increase of 35 percent over July 2010-11.

The finance minister informed the Prime Minister that the government did not resort to borrowings from the State Bank of Pakistan during the first month of FY-2011-12.

He apprised the Prime Minister about the deliberations of the High-Powered Committee constituted by the Prime Minister under his chairmanship to seek out-of-box solution to unscheduled loadshedding in the country. Dr Hafeez Sheikh informed that the Committee would submit its recommendations to the Cabinet soon after the month of Ramazan.