Govt doing everything to ensure ease of doing business: Hafeez Shaikh

Published: August 29, 2019
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 PHOTO: AFP

PHOTO: AFP

ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh on Thursday said that the incumbent government is making strenuous efforts to provide lucrative opportunities for foreign investors in Pakistan.

While addressing a ceremony in Islamabad, the finance adviser stressed that despite the county’s financial constraints, the government is fully focused on promoting its export through motivating the local businesses.

“We are also striving to establish economic zones in order to increase investment,” he said. “China is a major economic partner of Pakistan. Economic development is inevitable for the creation of employment opportunities in the country and the government is fully committed to this end.”

He added that networking among people is also of vital importance for the progress and prosperity of the region.

IMF finally approves $6 billion package for Pakistan

Earlier, the adviser revealed that various overseas bonds will be floated in the coming months. He also discussed steps being undertaken to increase exports, thereby reducing the budget deficit and boosting sustainable dollar inflows.

“The plan is to lift overseas shipments to $26.8 billion this fiscal year by granting subsidies and concessions on raw-material imports”, said the de facto finance minister.

Hafeez added that Pakistan is preparing for the sale of Eurobonds, Sukuk and Chinese Renminbi bonds during the fiscal year.

“The economy was in pretty bad shape. The idea was to shore up the external front. We have been able to mobilise resources,” said the premier’s adviser.

The International Monetary Fund (IMF) on had approved $6 billion bailout package for Pakistan after the country agreed to enforce flexible exchange rate, enhance taxes and end circular debt –the weaknesses that have remained unaddressed despite availing nearly two-dozen programmes.

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