PM Imran praises economic team for rupee appreciation

Political stability, trade with neighbours prerequisites for sustainable economic growth, says Dr Hafeez Sheikh

Prime Minister Imran Khan on Saturday praised his economic team for its efforts because of which the current account deficit has been eliminated and, for the first time in more than two years, the value of rupee has been appreciated.

According to Radio Pakistan, the current account has recorded a surplus after many years. PM Imran Khan said that over the last three months, the value of rupee has increased against the dollar for which he congratulated his economic team.

In addition to the stabilisation of the rupee, Imran noted that Pakistan’s exports have also been on a rise which will put the country on the path to progress.

“The most positive outcome is that the International Monetary Fund (IMF), the World Bank and the Asian Development Bank (ADB) themselves have said that Pakistan is on the right direction,” he added.

The prime minister’s statement comes a day after his Adviser on Finance, Dr Abdul Hafeez Shaikh, painted a rosy picture of the country’s economy under the prevailing circumstances, stressing that the government has been taking all important steps to improve growth rate.

Speaking during a talk show on Express News, Dr Shaikh said the government would surpass its growth rate target of 2.4% during the current fiscal year.

“Political stability and trading with neighbours are the prerequisites for sustainable economic growth. The growth trajectory has been positive and I assure you that against the target of 2.4%, we would achieve the economic growth rate of over 3.5% this fiscal year,” he said.

Responding to a question about the financial reform package from the IMF, the adviser said he cannot be certain if it would be the last one for Pakistan.

“If we manage to complete the IMF programme, it would provide [us with a] good platform,” he said.

Dr Hafeez Shaikh admitted that inflation, which has adversely affected the lives of Pakistanis, has been the topmost concern, adding that the government has been trying to contain inflation through improved monetary policies.

“The stock exchange and foreign direct investment in the country are increasing while exports are also moving up due to better policies and direction set by the government,” he said. “The Federal Board of Revenue (FBR) has also shown improvements in terms of tax collection.”