ISLAMABAD – Prime Minister’s Advisor on Finance Hafeez Sheikh says PTIgovernment has succeeded in reducing the circular debt to less than 10billion rupees.
Addressing a news conference in Islamabad on Sunday, he said when PTIgovernment came into power the country was heading towards bankruptcy, butunder the objective of economic stability, a number of steps were taken tocontrol our Dollar Reserves.
He said Government expenses were reduced through austerity measures andcurrent account deficit was also reduced over 70 percent.
Dr Abdul Hafeez Shaikh said six hundred thousand additional tax payers wereregistered. He said a new system has been introduced since 23rd of the lastmonth under which speedy refunds are given to the business community. Now,refunds will be automatically ensured on 16th of every month.
The Advisor said the process of privatization has been expedited and stateowned enterprises will be restructured on fast track basis to improve theirperformance.
He said the government is considering privatization of National Bank ofPakistan and State Life Insurance for better results.
The Advisor said value of rupee has improved resulting in a benefit of 246billion rupees in loans. He said 250 billion rupees have been allocated forthe development of agriculture sector.
Dr Abdul Hafiz Shaikh said the government fixed the economic growth targetof 2.4, which will be achieved easily due to prudent economic policies ofthe government.
To a question, Dr Abdul Hafeez Shaikh said ease of doing business is toppriority of the government.
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He said government is providing loans and subsidy to the business communityon gas, electricity, due to which exports are on the rise. Businessmen areimportant for the government, who are vital in provision of jobs.
Responding to another question, the Advisor said merit, transparency, andprotection of workers’ rights will be the top priority in the privatizationprocess.
He also made it clear that there was no tax on food items.
The Finance Advisor said the government expects to collect over 1000billion rupees additional revenue through tax and non-tax resources in thecurrent fiscal year. He said 140 billion have been received from twocellular companies and 370 billion is expected to be received in futurefrom other resources.
He said the economy of the country is rapidly moving toward stability dueto effective policies of the government and economic indicators arepositive as stock market and value of rupee are stable.
Dr Hafeez Sheikh said no compromise will be made regarding tax collection.He said reduction in petroleum prices in international market will bepassed on to the general public.
