ISLAMABAD: *Prime Minister Advisor on Finance Hafeez Shaikh reveals goodnews about the economy in the upcoming fiscal year. *
Adviser to Prime Minister on Finance & Revenue Dr Hafeez Shaikh on Mondayreiterated the government’s resolve to eliminate circular debt by December2020.
Briefing the leading anchorpersons of electronic media about thegovernment’s economic performance during the first quarter of the FiscalYear 2019-20, the adviser said, “Owing to the prudent policies of thepresent government, the current account deficit has come down significantlyin the first quarter, whereas the volume of exports has increased. Thetrade deficit has decreased by 33.5pc.”
He said the government was also trying to surpass the target of non-taxrevenue in the ongoing fiscal year.
“In the coming months, the economy will strengthen further and soon thecountry will achieve economic prosperity,” he maintained.
The senior anchors on the occasion asked questions related to fiscal,monitory and external accounts. Issues pertaining to inflation, exports,investment portfolios, central bank’s autonomy, agriculture and taxationsystem were also discussed.
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The adviser informed the journalists about the precarious economicsituation left by the previous government and the challenges the incumbentgovernment faced after coming into power.
He highlighted that bilateral agreements with friendly countries coupledwith the assistance provided by the International Monetary Fund helped easethe pressure on the economy.
Dr Hafeez Shaikh said that the IMF team, in its first quarterly review, hadissued a satisfactory report on the government’s economic performance.
The media people were informed that the government would utilise all itsenergy to increase revenues and decrease expenditures in the remainingquarters of FY20.
