New fiscal year started on positive note, PM told

Imran directs his economic team to take steps for promotion of small businesses

ISLAMABAD: Prime Minister Imran Khan’s economic team on Friday informed him that the current fiscal year had started on positive note.

Exports have increased and the current account deficit reduced by 31%. Fuel prices will be reduced on September 1. Besides, international institutions including the Asian Development Bank and the World Bank will provide loans in budgetary support.

The premier presided over a meeting at the PM Office to review the country’s economic situation and discuss strategies to improve the business environment.

PM Imran directed his economic team to take measures for the promotion of small and medium enterprises (SMEs).

The participants of the meeting were informed that the Executive Committee of National Economic Council (Ecnec) had approved Rs579 billion for the farm sector and infrastructure development which also included a mass transit project for Karachi.

According to a statement issued by the PM Office, the participants of the meeting also discussed ways to increase exports, reduce the current account deficit and stabilise the economy.

The participants of the meeting agreed that talks would be held with the business community to create an environment of economic stability.

Federal Minister for Economic Affairs Hammad Azhar, Federal Minister for Planning, Development and Reforms Khusro Bakhtiar, Federal Minister for Power Omar Ayub, Federal Minister for Privatisation Muhammadmian Soomro, PM’s Adviser on Finance Dr Abdul Hafeez Sheikh, Adviser on Commerce Abdul Razak Dawood, Adviser on Institutional Reforms Dr Ishrat Husain, special assistants Dr Sania Nishtar, Nadeem Babar and Dr Firdous Ashiq Awan, Board of Investment Chairman Syed Zubair Gilani, Federal Board of Revenue Chairman Shabbar Zaidi and Planning Commission Deputy Chairman Jehanzeb Khan attended the meeting.