ISLAMABAD – Ministry of Finance responds over media reports of shrinkingeconomy of Pakistan in the year 2019-20.
The Finance Division has described as “incorrect” the impression created ina section of the media that Pakistan’s economy is shrinking.
In a statement issued on Friday, the Finance Division has asserted that themacroeconomic adjustment policies introduced by the government to supportthe balance of payment and strengthen the market confidence will alsoensure higher and inclusive growth.
“The contention of a section of the media talking about ‘shrinking economy’seems incorrect as the early signs of recovery of economic activities inthe fiscal year 2020 are very much encouraging,” it maintained.
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On the agriculture front, the federal government is implementing a“National Agriculture Emergency Programme” and has approved eight megaprojects at the cost of Rs235 billion. This will encourage economicactivities in rural areas and create employment opportunities in thecountry.
Credit to the agriculture sector has increased by 20.7pc; the sowing ofcotton crop has also increased by 14.4pc as compared to last year. Theimport of agriculture machinery recorded a growth of 8.7pc during FY19which is a good indicator. The base effect will also support growth inagriculture.
