PM Advisor Hafeez Shaikh reveals good news about the economy

PM Advisor Hafeez Shaikh reveals good news about the economy

ISLAMABAD: *Prime Minister Advisor on Finance Hafeez Shaikh reveals good news about the economy in the upcoming fiscal year. *

Adviser to Prime Minister on Finance & Revenue Dr Hafeez Shaikh on Monday reiterated the government’s resolve to eliminate circular debt by December 2020.

Briefing the leading anchorpersons of electronic media about the government’s economic performance during the first quarter of the Fiscal Year 2019-20, the adviser said, “Owing to the prudent policies of the present government, the current account deficit has come down significantly in the first quarter, whereas the volume of exports has increased. The trade deficit has decreased by 33.5pc.”

He said the government was also trying to surpass the target of non-tax revenue in the ongoing fiscal year.

“In the coming months, the economy will strengthen further and soon the country 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 taxation system were also discussed.

The adviser informed the journalists about the precarious economic situation left by the previous government and the challenges the incumbent government faced after coming into power.

He highlighted that bilateral agreements with friendly countries coupled with the assistance provided by the International Monetary Fund helped ease the pressure on the economy.

Dr Hafeez Shaikh said that the IMF team, in its first quarterly review, had issued a satisfactory report on the government’s economic performance.

The media people were informed that the government would utilise all its energy to increase revenues and decrease expenditures in the remaining quarters of FY20.