"We have set the target for GDP growth rate at 4.4 per cent," Ishaq Dar told a press conference on the eve of a federal budget presentation in the new parliament which came into being after the country's first transfer of power from one civilian government to another.
The new government of Prime Minister Nawaz Sharif's Pakistan Muslim League-N faces a daunting array of problems ranging from an energy sector crippled by USD 5 billion of debt to dwindling foreign exchange reserves, all the while facing down a Taliban insurgency.
He said that the fiscal deficit which had run to 4.7 per cent would be curtailed by his government through "strict financial discipline".
Dar promised to solve the disrupted payment cycle which has crippled the energy sector with daily power outages from 16 to 18 hours.
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"We want to do it in minimum possible period and just finishing off this debt will not solve the problem unless we reduce our line losses or thefts which were more than 30 percent," Dar said.
"We are a business-friendly government, but we will not allow industry to make undue profits as it burdens the poor," he said, promising a "corruption-free" government to provide a conducive economic environment.
Dar said that he had no option but to get fresh loan to pay old ones.
"There is no money to make heavy debt repayments by December and I think that in this situation, there is no harm in taking more loan to repay old debt," Dar said.
Pakistan has suffered several years of weak economic growth and its currency has slid in value while foreign exchange reserves have dwindled.