Pakistan News: Finance Minister of Pakistan Abdul Hafeez Sheikh discussed the country’s economic performance in the first three months of the 2020 fiscal year in a press conference on Saturday.
Hafeez Sheikh said at a news conference in Islamabad that the Government has controlled two major deficits of the country, which are foreign trade and finance. He also told that the fiscal deficit was reduced by 36% while the trade deficit was reduced by 35% in the first quarter of the year.
“These are big steps and their positive results have come forward,” Sheikh said.
Advisor to the Prime Minister's on Finance Dr Hafeez Sheikh and Chairman FBR Shabbar Zaidi's Press Conference on the Stabilisation of Economy. (12.10.19) #PTI 1/4@ShabarZaidi @a_hafeezshaikh pic.twitter.com/jNMWQeWJ8A
— PTI (@PTIofficial) October 12, 2019
Moreover, he also told that the revenue had also been increased by 16%.
“One thing that we have really improved on in comparison to the previous year is non-tax revenue,” he added.
He told that they have collected Rs 406 billion from non-tax revenues, an increase of 140% over the previous year.
“We think that this is a big achievement. In our budget, we have a Rs1,200 billion target, but I want to share the good news with you that we will increase this by Rs400bn and are confident to take it to Rs1,600bn.”
Regarding the exchange rate, the Prime Minister’s adviser said that it has returned to stability in the past three months. He also said that the current foreign exchange reserves have also stabilized. He added that in the past three years, the country’s net investment was increased by $340 million.
“Foreign investors are showing confidence in Pakistan’s economy right now,” he said.
Hafeez told that the outcomes of the government’s assistance to the export sector have begun to appear, especially in the production of the export sector.
“The results of the difficult decisions taken by the government are slowly becoming apparent,” he said.
He further told that another goal of the government, which is the employment of abroad Pakistanis, is also working well.
Sheikh said that the confidence of the people in the stock market has increased. He told that the stock market had grown from 28,000 points to 34,000 points, in the past three months from August to today.
He concluded by telling that International financial organizations such as the World Bank and the International Monetary Fund (IMF) in addition to foreign investors have also begun to give positive remarks about the economy of Pakistan.