LAHORE - The convention of various major trade bodies on Monday paid tribute to former finance minister Ishaq Dar for his services to achieve high economic growth, requesting the honorable courts to decide his case on merit without any delay to end the uncertainty in the country.

The traders convention was arranged by the All Pakistan Anjuman-e-Tajiran and was attended by representatives of all noted business groups of the country including APAT central president Ajmal Baloch, general secretary Naeem Mir, United Business Group chairman Iftikhar Malik, Punjab chairman Mian Adrees, Lahore Businessmen Front chairman Amjad Ch,0 APAT Bhatti group president Ashraf Bhatti, Progressive Group chairman Khalid Usman and a large number of business community from across the country.

Through a resolution, all trade bodies unanimously declared Ishaq Dar as the best finance minister in the history of the country, presenting him the best finance minister trophy award, which was received by ex-FM's brother in law Rehan Bashir on his behalf.

Addressing the ceremony, the speakers expressed their reservations on 'fake' NAB cases against former finance minister who saved Pakistan from sovereign default twice in 1999 as well as in 2013. They also prayed for his early recovery and showing hope that he will come back soon and continue his role for the economic growth of the country.

APAT central general secretary Naeem Mir appealed the courts to ensure merit and justice in the cases of former finance minister who has been wrongly dragged into bogus cases by the NAB.

He said that in 1998, forex reserves had touched Rs414 million after global sanctions due to nuclear detonation and rupee devalued against $to Rs69. Dar was appointed first time finance minister in Nov 1998 and within 7 months rupee came back to Rs52 per US dollar, repaying loan of $ 2 billion and building forex reserves of $ 2.4 billion, equal to 3.5 months import bill at that time.

Major steps taken in 1999 by Ishaq Dar were Octroi and Zila tax which were abolished throughout Pakistan at over 26,000 collection points.  Naeem Mir said that when the PML-N government assumed office in 2013 the GDP growth rate was very low at 3percent while FX reserves held with SBP were $6.3 billion in June 2013.

He said that circular debt had reached Rs 480 billion along with high mark up rates, fiscal deficit of 8.8 percent, high inflation and 18 hours loadshedding and there was prediction that country is going to be defaulted in Feb 2014.

But within 4 years from 2013-2017, under Ishaq Dar finance ministry GDP growth has accelerated and was recorded at 5.3percent in FY 2017, the highest in a decade while fiscal deficit has been reduced from 8.2percent in FY 2013 to 5.8percent of GDP in FY 2017. Naeem Mir observed that inflation was brought down to as low as 2.86 percent in FY 2016, compared to average inflation of 12percent during 2008-2013 while foreign exchange reserves crossed $24 billion in FY 2016, providing over 5 months of import cover.

He said that the size of the Federal Public Sector Development Programme (PSDP) has been increased from Rs. 348 billion in FY 2013 to Rs. 1,001billion in FY 2018.

During his era, Pakistan has made significant progress in poverty reduction while concessionary tax regime has been eliminated through the withdrawal of hundreds of SROs worth Rs. 323 billion in tax concessions. On 11th January 2016, the government successfully completed the integration of the 3 domestic stock exchanges (Karachi, Lahore, Islamabad) into the Pakistan Stock Exchange (PSX), which was overdue for 15 years and SBP policy rate (markup) reduced from 9percent to 5.75percent and Exports Finance Facility rate reduced from 8.4percent to 3percent.

He said that Package of Incentives for Exporters worth Rs180 billion was announced while Pakistan has signed agreement worth $46 billion with Chinese Government to implement the China-Pakistan Economic Corridor (CPEC).

He said that Ishaq Dar improved business & international confidence as Business Confidence Index (BCI) Survey of the Overseas Investors Chamber of Commerce and Industry (OICCI) has increased during the present government.

International recognition in this regard was also made by global agencies including Japan External Trade Organization, Moody's and Standard & Poor's (S&P), World Trade Organization (WTO) and Bloomberg etc.