Int’l institutions hail Pak economic growths
Hafeez Sheikh says that the economy has improved markedly this fiscal year.
Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh said that financial and trade deficit of the country is decreasing, while global organizations are also acknowledging Pakistan’s economic growth. Speaking at a press conference with Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi, Hafeez Sheikh expressed that the economy has improved markedly this fiscal year. The current account deficit is decreasing, he said, adding that last year‘s current account deficit was reduced by 35%. He apprised that the current account deficit for the first time surged in October.
Financial Advisor said that global institutions like the International Monetary Fund, the World Bank, Moody‘s and the Asian Development Bank have hailed the economic growth of the country. He added that Bloomberg recognized the Pakistan Stock Exchange (PSX) and Moody’s improved Pakistan’s rating from negative to stable.
He said that the country‘s exports are increasing while foreign investment is also on surge. “Last month, Pakistani exports increased by 10% while foreign investment increased by almost 236%”, he asserted, adding that PSX has crossed 40,000 points.
Minister for Economic Affairs Hammad Azhar and FBR Chairman Syed Shabbar Zaidi in Islamabad, Hafeez Shaikh said that Moody upgraded Pakistan’s sovereign outlook to stable from negative which affirmed the government’s success in economic stabilization. He said that Bloomberg had also endorsed Pakistan’s strong economic indicators and termed the country’s stock world-beating.
The adviser said that IMF has also lauded the pace of Pakistan’s economic progress and added that the fund has decided to release the second tranche of 50 crore dollars to Pakistan. He said that for the first time in Pakistan’s history, portfolio investment reached to one billion dollars. Hafeez Shaikh said that exports increased by 10 percent and direct foreign investment rise by 236 per cent during the last five months.
He said that current account rose into surplus and added that the economy was heading in the right direction. Earlier on December 2, another good news for Pakistan on the economic front, as Moody’s rating agency had changed Pakistan’s outlook to stable from negative. The Moody’s had kept Pakistan’s rating outlook unchanged to B-3. It further had said the Pakistani economy was improving and the biggest challenge being faced by the Pakistani economy, the current account deficit, was also shrinking.