Government focused on sustainable growth: Shaikh

Finance adviser says foreign loans worth Rs5tr returned in past two years

ISLAMABAD:

The focus of current government is on building institutions and streamlining procedures for sustainable economic growth, remarked Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

Addressing “The Future Summit” through video link on the topic “The Future of Pakistan” on Wednesday, Shaikh shared details of what he called were unprecedented reforms introduced by the government.

He told event participants that the primary and current account balance was positive for the first time.

“The government has returned Rs5 trillion worth of foreign loans in the past two years and released Rs250 billion in tax refunds to businesses, providing more liquidity,” he said. “Besides, lucrative packages have been introduced for export promotion and a special package has been unveiled for uplifting small and medium enterprises.”

Shaikh added that the economic package worth Rs1.2 trillion, given by the government during the Covid-19 pandemic, was an example of how the leadership was sensitive towards the suffering of people during the current testing times. He stressed that the private sector would have to take the leading role in providing services and employment as it was the only path towards sustainable development.

He outlined the government’s policy of opening up domestic markets for foreign investors and facilitating them in business development besides working to generate employment in the country.

The adviser added that Pakistan enjoyed natural advantage due to its strategic location, agricultural potential, mineral resources, vast coastlines and close proximity to resource-rich Central and South Asian states. He said economic prosperity could not be achieved without transferring benefits of growth to the masses.

Published in The Express Tribune, November 19^th, 2020.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.