ISLAMABAD - Prime Minister Raja Pervez Ashraf briefed at the PM's House Wednesday by Finance Minister Dr Abdul Hafeez Sheikh and members of the economic team on the state of country's economy, the performance of key macro-economic variables during fiscal year 2011-12 and forecast for the new fiscal year starting from July 1, 2012. The main areas of strong performance, the Finance Minister said, include continuing growth in GDP in spite of adverse global situation, the decline of the inflation rate to 11pc from 20pc last year, the extraordinary increase in tax revenue which has increased to Rs.1,800b so far, showing a growth of 23.4pc over the last year.

The high growth of remittances, which will cross $13 billion, would be all time high and keep the economy of the country moving in right direction, the Finance Minister said.
Exports are likely to repeat the good performance of last year in spite of contraction in demand internationally, the Minister maintained.
The Minister said that the successful utilisation of 100pc of the PSDP at Rs 300 billion, completion of over 200 projects as well as subsidies for poor including Benazir Income Support Programme (BISP) were some of significant economic achievements of the government.
The Minister said that the economic challenges continue to remain in the form of public sector organisations and the security situation, which deters investment and called for the need of political stability.
Prime Minister Raja Pervez Ashraf highlighted importance of sound economic management, continuing with policy of fiscal austerity and the need to focus on completion of projects in a regionally balanced way while also making efforts to increase self-sufficiency and successful efforts for increased revenue collection.
He also emphasised that provinces also needed to enhance their revenue collections to fulfil the needs of the people.
The meeting was also attended by the Deputy Chairman Planning Commission, Secretary Planning Division, Finance Secretary, Chairman FBR and the senior official of the Economic Affairs Division.