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Write a Squawk to ukaly
  • Editor’s Picks / 19 February 2016 at 3:11 GMT

    Pakistan growth surges to 7% as China invests billions

    Bloomberg
    Pakistan will see its annual economic growth rate surge to 7% in two years as it reaps the benefits from China and others investing more than $40 billion in infrastructure, according to the Finance Ministry’s top bureaucrat. Prime Minister Nawaz Sharif’s government is showing investors he’s serious about implementing economic reforms by heading toward completion of an International Monetary Fund loan program, Finance Secretary Waqar Masood Khan said on Wednesday. “We still face challenges in achieving a higher growth," Khan said. “Compared to our potential, our growth rate is significantly low.” Sharif is targeting growth of 5% for the current fiscal year ending in June, an eight-year high, as he works with the IMF to turn around an economy hindered by energy shortages and terrorism. China’s plans to invest $46 billion in an economic corridor are fueling optimism that growth will hit new heights. Pakistan started taking IMF loans in the 1950s but struggled to see them through.
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    4y
    ukaly ukaly
    Pakistani economy is a cash driven economy in general. There is hardly any concept of mortgages , credit cards, car loans although it is picking up pace...
    4y
    Adam Courtenay Adam Courtenay
    Interesting. Thanks for that. It's a place we rarely look at - and I think that should be changed....
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