$1.5 bln donation to be spent on development projects: Finance Minister

March 17, 2014 Off By Web Desk

Islamabad: Finance Minister Mohammad Ishaq Dar has said 1.5 billion dollar gifted by the friendly countries will be spent on development projects in energy‚ infrastructure‚ railways‚ communication and transportation sectors.

He said donation of this amount by the friendly countries reflects their confidence in government of Pakistan.

Ishaq Dar said a survey conducted by Japan External Trade Organization has ranked Pakistan as the second growing economy in the world.

He said a famous economist Jim O’Neill has also forecasted that Pakistan would become world’s 18th largest economy by 2050.

The Finance Minister said in an interview that foreign exchange reserve will further improve with inflows of foreign investment and with the issuance of Euro Bond. He said rupee will further strengthened in days to come.

He said the economy has performed well during the first eight months of current fiscal year as was evident from major economic indicators.

Ishaq Dar said tax collection has increased by seventeen point seven percent as compared to the last fiscal year.