ISLAMABAD - Finance Minister Dr Abdul Hafeez Shaikh has said that year 2011-12 ended with a growth rate of 3.7 per cent presenting an improvement over the past three years while the inflation rate also registered a decline from 13 per cent to 11 per cent during the fiscal just concluded as compared to the previous year.Giving briefing to Prime Minister at PM’s House on Sunday, Hafeez said that most of the economic targets set for were met. He said that the foreign currency reserves were over US $ 15 billion at the closing of the last financial year despite the fact that the government had also returned US $ 1.2 billion to IMF as per schedule.He further informed the Premier that the benefit of decline in international fuel prices has been passed on to the consumers and in the last 45 days, prices of fuel, diesel and kerosene have been brought down three times already during the last 45 days.The Minister said, exports remained strong inspite of global economic crisis and are likely to maintain upward momentum in the year 2012-13 as well.He highly appreciated the role of expatriate Pakistanis and said the remittances were at a historic high level over 13 billion dollars. Hafeez said with satisfaction that the year 2011-12 has also ended with record level of tax revenues, which are expected to surpass the Rs 1910 billion - an increase of Rs 450 billion, showing a growth rate of 23 per cent, the highest level of growth in single year in country’s history.The Finance Minister further said that the financial year 2011-12 also ended with successful completion of Federal PSDP where projects benefitting the economy worth Rs 300 billion were undertaken showing 100 per cent utilisation and completion of more than 200 projects.Hafeez also briefed the Prime Minister on the revival programme of Pakistan Steel Mills for which allocation have been made by Ministry of Finance to ensure the success of the new management of the Steel Mills and to gradually increase the output from present 20 per cent utilisation to 80 per cent utilisation of the Steel Mills capacity to become profitable. He said, the recent improvement in the production of electricity sector from 10,000 mw to about 14,000 mw has given a relief to the public but greater efforts would be required from the management of the electricity sector and relevant Ministries to overcome this challenge on a fast track basis.  Prime Minister Raja Pervez Ashraf expressed his satisfaction at the economic stability and appreciated the successful efforts of the Finance team and directed the Finance Minister to continue the prudent economic policies.The Prime Minister also directed that the incoming year’s PSDP allocated to projects based on regional balance and completion of on-going projects show that the maximum benefits can be made available to the public especially the people belonging to Balochistan, FATA and other less developed regions of the country.The Finance Minister also gave an update on the working of the Cabinet Committee on Energy.