September 28, 2020

Government Shifting Focus On Accelerating Growth: Dr. Abdul Hafeez Sheikh

Finance Minister Dr. Abdul Hafeez Sheikh, while addressing a group of foreign investors, representing different financial institutions, said that now, that the government has overcome the most imminent threats to the economy, the government is shifting it’s focus to accelerating growth and making pro-business policies to boost foreign investments in the country and facilitate local ones. He added that all this was achieved by making the right decisions by the government.

He added that we are injecting Rs250 billion in different projects related to the agricultural sector and we are expecting a growth of around 3% in this sector for the next 5 years. The finance minister briefed the members regarding the steps taken by the government to promote business activity in the country. He also highlighted the decreasing Current Account Deficit (CAD) of the country, increased tax collection, pro-business policies of the government and many other such steps taken by the government.

The government had taken several steps in the previous months to improve the economic situation of the country. The government through policies like, implementing simple tax regime for non-resident companies, FBR’s online sales tax return facility through the FASTER system, documenting the economy and approving hundreds of developmental programs, has been trying to turn the tide against the economic slowdown. The members appreciated the government’s efforts to facilitate business inside the country and showed interest in investing in different sectors of the economy.

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