Pakistani lawmakers told why economy is floundering
January 13th, 2012 - 3:26 pm ICT by IANSIslamabad, Jan 13 (IANS) Pakistani parliamentarians have been briefed by Finance Minister Abdul Hafeez Shaikh on the three factors — including the devastating floods in 2010 — that are burdening the economy.
“The three factors include devastating flood in 2010 which caused damage of $10 billion as estimated by the World Bank, increase in oil prices at the international level and the security situation,” Shaikh said at the briefing Thursday, Associated Press of Pakistan reported.
The minister also said that inflation was in single digits, tax revenues had incresed 17 percent in the last six months, exports went up by upto 28 percent and imports had increased by 18 percent.
On the ailing Pakistan Railways, he said that government has created a consortium of banks to provide it Rs.6 billion.
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Tags: associated press, banks, consortium, digits, economy, finance minister, flood, floods, inflation, lawmakers, oil prices, pakistan railways, parliamentarians, security situation, six months, tax revenues, world bank