IMF lauds govt’s economic reforms agenda: Hafeez

Adviser on Finance says the govt grants subsidies to improve economy

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KARACHI

Adviser to PM on Finance Hafeez Shaikh on Saturday said the government is giving subsidies to industrialists and exporters to improve the economy. Hafeez Shaikh while addressing a ceremony of the Overseas Investors Chamber of Commerce and Industry here said International Monetary Fund has also expressed confidence on the economic reforms agenda of the government.

The adviser said the tax system has improved due to reforms being introduced in the Federal Board of Revenue (FBR). He said the difficult economic situation has been overcome. The government did not borrow any money from the State Bank of Pakistan over the last four months. The Stock Mark has also witnessed a significant improvement.

He said the current account deficit has reduced whilst investors have also been giving subsidy of two hundred billion rupees. Hafeez Shaikh said two hundred and fifty billion rupees are also being spent in the energy sector. The Adviser said the tax system has improved as a result of reforms being introduced in the FBR. He said difficult economic situation has been overcome.

The government did not borrow any money from the State Bank of Pakistan over the last four months.  Abdul Hafeez Shaikh said the current account deficit has reduced whilst investors have also been giving subsidy of two hundred billion rupees. The Adviser said two hundred and fifty billion rupees are also being spent in the energy sector.

Chairing the meeting with chief executives and representatives of multi-national companies in Karachi today ,Dr Abdul Hafeez Shaikh said Stock market has stabilised, current account deficit is being managed, State bank has been up without intervening in market. He said 16 percent overall growth in tax revenue and 21 % growth in the inland revenue during the first four months of this fiscal year are harbingers of upward trend of our economy.

The meeting was arranged by overseas investors’ chamber of commerce and industry. Advisor to Prime minister for finance said budget of social safety net programs have been doubled to provide relief and improve quality of the poor segment of the society. He said besides reforming structures of economy, the government is also reinforcing institutions. State bank has been given autonomy through monetary committee in place and general board of revenue has been put under a professional from the private sector.

Last week, Prime Minister Imran Khan had said providing relief to the people is the top priority of the government. We strive to provide special relief to low-income groups and poverty-stricken families, he had said while chairing a meeting called to discuss measures to cut prices of  essential commodities to prove the poor relief.

Prime Minister Khan had said in view of the challenging economic situation, the government took difficult decisions. Due to these decisions, he added, the economy is stabilising today and economic indicators are showing improvement.— VoM

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