Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh has stated that the government had brought down the current account deficit from 20 billion dollars to 13 billion dollars and it would be further reduced to 8 billion dollars this year
Islamabad (Pakistan Point News / Online - 14th January, 2020) Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh has stated that the government had brought down the current account deficit from 20 billion Dollars to 13 billion dollars and it would be further reduced to 8 billion dollars this year. Similarly, exports which had remained stagnant for almost five years had showing an upward trend.According to the issued press release, he stated this while talking to Ambassador of France Dr.
Marc Barety who called him here on Tuesday.He said that revenue collection had jumped by 16 per cent and foreign direct investment had gone up by 280 per cent growth in the current financial year. Similarly, Pakistan's exchange rate had begun to stabilize due to enhanced external flows while pakistan stock exchange had been declared by Bloomberg as the best performing market in the world.Shaikh has said that the government is taking steps to tackle inflation and enhance domestic productivity through greater spending on social safety net, improving cash transfer program, ensuring greater ease of doing business and providing subsidized loans, electricity and gas to the exporters.
"The government has worked very hard to pull the economy out of the ICU as it was in 2018 and the stage is now set for greater stabilization and enhanced domestic productivity that would help overcome inflation, boost businesses and create more employment opportunities.On the other hand France Ambassador to Pakistan Dr. Marc Barety said he was impressed with the good work done by the government in Pakistan to introduce institutional reforms and achieve stability and growth. He said both France and Pakistan enjoyed excellent relationship and hoped this relationship would further deepen in coming days through greater economic collaborations and business partnerships.