A-PM-FR Shaikh addresses the WEF

By Staff Reporter
Thursday – November 26, 2020
ISLAMABAD: The adviser to prime minister on finance and revenue (A-PM-FR) Abdul Hafeez Shaikh said, Wednesday, that the incumbent regime inherited a very precarious economic situation in 2018 and therefore, had to introduce strict financial discipline to curtail excessive government expenditure, increase revenue collection, introduce market driven exchange rate, remove large tax exemptions and discourage imports.

According to a press release, he addressed the second segment of the plenary session of the world economic forum (WEF) on country strategy dialogue (CSD) through video link.

A-PM-FR Shaikh continued: as a consequence, Pakistan witnessed remarkable improvement in fiscal and current account deficits.

Similarly, Pakistan had a primary balance surplus which is unprecedented.

All fundamental economic indicators reflected significant improvement before Covid-19 (coronavirus).

During Covid-19, government of Pakistan (GoP) introduced “Smart Lockdown” to balance the imperative to contain the spread of the disease with the need to keep the economy functional.

The smart lockdown allowed many businesses to re-open or continue operations on limited scale to lessen the adverse economic impact and support the vulnerable segment of the society.

To provide relief to vulnerable groups especially daily wage earners, GoP gave cash payments to 15 million families under “Ehsaas Emergency Cash Programme.”

He outlined that amid Covid-19, incumbent took several initiatives to facilitate agriculture and construction sectors to accelerate economic recovery.

A relief package for small medium enterprises (SMEs) shielded against insolvency and joblessness.

The recent data complements the strengthening and expansion of the economy in “recovery’’ mode.

Despite Covid-19, Pakistan registered an upward trend in foreign remittances and foreign direct investment (FDI) which is a clear reflection of confidence in Pakistan’s economy.

A-PM-FR reiterated that the incumbent firmly supports private sector as an engine of growth and believes in building institutional capacity for sustainable and inclusive economic growth.

“We followed a liberal foreign investment regime and introduced measures to promote ease of doing business in the country,” he stated.

A-PM-FR Shaikh said that the current leadership welcomes foreign investors and believes in transparency, accountability and openness.

Our agenda is to empower people with key focus on human resource development, he concluded.