Absurd to interpret increase in import as prosperity: Hammad

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Statistics of national economy released
Economic Affairs’ Minister credits government’s tireless efforts for bringing economy on path
ISLAMABAD
Minister for Economic Affairs Hammad Azhar said that it is absurd to interpret increase in import as prosperity of the country. In a statement on Friday, he said the IMF Board’s Review is indicating success of the government’s economic reforms. The Minister said Moody’s upgraded Pakistan’s outlook from negative to stable as a result of the PTI government’s efforts during the last fifteen months.
He said 73 percent reduction in Current Account Deficit is not less than big good news for the nation. He said exports witnessed 11 percent increase during the last month. Hammad Azhar said the IMF Executive Board has admitted that the government’s economic reform agenda is moving ahead in the right direction and fruits of these reforms have also started coming forth. He said consistency and continuity of policies is imperative for complete restoration and progress of economy.
Hammad Azhar on Friday credited the government for its ‘tireless efforts’ in bringing out the economy from shambles and putting it on the path to progress. After the ‘experienced’ group left the government, the country’s economy was in shambles. The Pakistan Tehreek-e-Insaf (PTI) government pushed the economy out of darkness and Moody’s replaced Pakistan’s status to stable.
Hammad Azhar has released the latest statistics of the national economy that showed the reduction of current account deficit up to 73 per cent. Hammad Azhar, in his Twitter messages, said that the country is brought out of economic crisis following the efforts of Prime Minister Imran Khan. He added that the International Monetary Fund (IMF) also reported the success of economic reformations in Pakistan.
The minister said that the nation suffered worst economic management in previous tenures which led the country to be listed in negative level by Moody’s. The effective measures of the present government regained the country’s reputation besides reducing current account deficit up to 73 per cent.
According to the statistics, the fiscal deficit which stood at $1166 million in November 2018 has dropped to $319 million in November 2019. The deficit recorded at $6733 million from July 2018 to November 2018 was reduced to $1821 million in 2019. He added that the export rate has witnessed an increase of 11 per cent in the month of November this year.
Azhar has also retweeted a message from IMF, saying that Pakistan’s economic stabilization and reform program is on track. Strong ownership by the authorities and steadfast reform implementation are critical to entrench macroeconomic stability and support robust and balanced growth.

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