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Prime Minister Syed Yusuf Raza Gilani said that within a period of two years, important economic targets have been achieved and the economy is back on the path of stability and progress.

According to spokesman of PM House the Prime Minister while chairing ECC meeting at Prime Minister Secretariat on Tuesday, acknowledged the services of Shaukat Tareen both as Finance Minister and Chairman of ECC for conducting meetings in judicious manners and taking a number of prudent Economic decisions.

He further said the foreign exchange reserves are at a respectable level, workers remittances have shown impressive growth and revenue collection has improved. He also observed that the investor’s confidence is also improving and manufacturing has started picking up. He termed this turn around as a result of prudent economic decision making by government. He further said ECC decisions reflect the true aspirations of democratically elected Government for the welfare of people and poverty alleviation.

In his opening remarks, the Prime Minister stated that the ECC is the highest and the most important forum for economic decision making, which has direct impact not only on the economic health of the country but also on the quality of life of the common man and poverty alleviation. The Prime Minister had chaired the last meeting of ECC on the 14th October 2008.

The Prime Minister said that he introduced the system of obtaining endorsement of the Cabinet to all decisions of the ECC with a view to provide broad-based ownership to these decisions and then decided to bring these decisions to the Cabinet for information and discussion. He wished to continue the practice of bringing ECC decisions before the Cabinet for information.

The Prime Minister opined that we have to find a good balance in our decision making at this forum, both from the political perspective as well as from the economic and financial perspective, keeping in view our resources and the increased expenditure requirement due to war on terror and settlement of IDPs. He observed that these decisions must reflect the true aspirations of the democratically elected Government for the welfare of the people and poverty alleviation.

Expressing his satisfaction, the Prime Minister said that the Government had taken a number of bold decisions with political commitment, which have directly impacted people at large. He mentioned that the Government’s subsidy of Rs. 3 billion through Utility Store Corporation on the occasion of Eids, the price control on sugar, intervention price mechanism on wheat and rice have resulted into people welfare and have recorded impressive growth in the Agriculture Sector reducing poverty from the rural areas.

The Prime Minister urged the members of the ECC to ensure smooth and effective implementation of decision made here and in the Cabinet. He assured that all decisions will be taken in the best national interest and for the greater benefit of the common man.