September 28, 2020

While talking to media on Tuesday 5th of November, the Economic Affairs Minister Hammad Azhar said that the government has made several improvements in the economic condition of the country. He added that the Azaadi protesters were angry regarding the performance of the government and they should know that the condition of the economy has started to improve now. He added that the economy is showing signs of revival and we have improved several sectors of the economy. He provided detailed statistics of several economic initiatives of the government, which are as follows:

  • Current account deficit went down by 64% in 2019 and 34% in 2018.
  • Fiscal deficit reduced by 1.4% in FY2019-20
  • Foreign portfolio increased by 135% this year and reached $350 million.
  • The foreign reserves are stable despite the $10 billion given by the government for debt servicing.
  • The number of tax filers increased by 55% and domestic revenues increased by 25%.
  • The government achieved 90% of its revenue collection target and collected $960 billion in taxes.
  • Circular debt was rising by Rs38 billion/ month is now only rising Rs12billion/month. He added that the circular debt increase would be taken down to zero by December 2019.
  • Significant improvements were made in ease of doing business and Pakistan went up 28 points in the World bank’s ‘Ease of Doing Business’ Index.
  • The stock market had grown by 6500 points in PTI’s tenure and the PSX improved 1500 points in the last three days.
  • He said that garment exports increased by 36%, rice by 52% and footwear by 54%, during the first quarter of 2019.
  • He added that food commodities increased in price due to seasonal variations and the price would be stabilized soon.
  • He said that the issue of the Karkey Company case had been resolved through help from the Turkish government and Pakistan won’t have to pay more than a billion dollars in fine.

Muhammad Asad

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