While talking to the forum of the World Economic Forum (WEF), Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh stated that Pakistan had achieved remarkable improvement in fiscal and current accounts.
He told that all fundamental economic indicators reflected significant improvements before COVID-19.
The current government, earlier, had to introduce strict financial discipline to reduce government expenses, increase revenue collection, introduce market driven exchange rate, remove large tax exemptions, and discourage imports.
As a consequence, Pakistan witnessed a 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,Dr. Abdul Hafeez Shaikh
To tackle the negative impacts of the lockdown, the government gave out cash payments to 15 million families under the Ehsaas Emergency Cash Program.
The report further read; besides COVID-19, the government has taken several actions to facilitate agriculture and construction sectors to stimulate economic recovery.
The minister also informed that despite COVID-19, Pakistan has witnessed an upward trend in foreign remittances and FDI which is a clear reflection of confidence in Pakistan’s economy.
We followed a liberal foreign investment regime and introduced measures to promote ease of doing business in the country,Dr. Abdul Hafeez Shaikh