- Home
- Business
- News
- Supplementary budget aims at boosting exports, promoting ease of doing business: Asad Umar
Supplementary Budget Aims At Boosting Exports, Promoting Ease Of Doing Business: Asad Umar
Rukhshan Mir (@rukhshanmir) Published January 11, 2019 | 09:04 PM
Minister for Finance Asad Umar has said that the supplementary budget to be launched by the government this month, is aimed at enhancing exports, facilitating business activities, and attracting maximum foreign direct investment in the country
Due to remedial measures, introduced by the current government for bringing stabilization in national economy, the economic indicators had already been started showing significant resilience, he said while addressing to anchorpersons here at his office.
During the first half of current financial year, he said exports of the country have increased, imports decreased and remittances are showing the upward trend as compared to the corresponding period of last financial year.
The minister said despite the immense challenges faced by the government on economic front, it was decided to introduce some structural reforms to correct the fundamentals of national economy for bringing about long term development and stabilization.
Due to these reforms, current account deficit has also registered decreasing trend which would ultimately help reducing the pressure on foreign exchange reserves, he added.
Asad Umer said that four components including exports, imports, remittances and foreign direct investment are the determining factors of current account deficit, adding that all these indicators excluding foreign investment remained up to the mark during first half of current fiscal year.
He informed that private sector credit off-take during the period from July-December, 2018-19 has also witnessed 65 percent growth as compared to 21 percent of last year which is the highest in last 13 years.
The minister said that consumer inflation rate based on Consumer prices Index (CPI) during first five months of the government of Pakistan Peoples Party was increased by 11.2 percent, it was increased by 4 percent in Pakistan Muslim League (N) regime, whereas the CPI witnessed a nominal increased 0.4 percent in first five months of PTI government.
He said that year on year, CPI percentage for households belonging to lower income groups even declined in the period as compared to the same period of last year, adding that government had tried to provide maximum relief to common man.
He said that current government after coming into power had announced to explore and utilize other alternative sources for economic development and stabilization, besides negotiating with International Monitory Fund (IMF).
The government is still in process of negotiation with IMF and as soon as any suitable programme for the betterment of national economy finalized, the agreement with the Fund would be signed, he remarked.
Besides, he said that government is utilizing other available alternative options for fulfilling the financial requirements of the country and taking different measures for economic development andsocial prosperity of the country.
Related Topics
Recent Stories
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
Russian military jet crashes into sea off Crimea: Governor
Rain-windstorm/thunderstorm likely at various parts of country
Implementation of Sindh Agriculture Workers Act-2019 demanded
Pandemic accord talks heading for extra time
Khawaja reiterates PM commitment to judiciary
More Stories From Business
-
Pakistan retains position in FTSE secondary emerging market
6 hours ago -
Pakistan retains position in FTSE secondary emerging market
6 hours ago -
China's competitive car market at heart of global EV revolution
6 hours ago -
China's Xiaomi enters car market with new electric vehicle
6 hours ago -
Pak-Türkiye strategize to boost bilateral trade to $5 billion
8 hours ago -
Chief Representative of CFFEX in Pakistan and PSX Director meet Finance Minister
8 hours ago
-
Banks to open on March 30, 31 to facilitate tax collection
9 hours ago -
Stock markets rise before Easter break
9 hours ago -
NCA approves revised first quarter GDP estimates for 2023-24
9 hours ago -
26% increase on tobacco tax can reduce PKR 300bn in health cost
11 hours ago -
Minister expresses anguish over alleged use of poor-quality material
11 hours ago -
Commerce Minister initiates push for E-commerce growth with in-house briefing
12 hours ago