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Govt doubled budget allocated for social sector: Hafeez

Govt doubled budget allocated for social sector: Hafeez
January 14, 2020
ISLAMABAD (Web Desk) – Adviser on Finance Hafeez Shaikh said that the government has doubled the budget allocated for the social sector. The adviser stated while talking to French Ambassador Dr Marc Baréty on Tuesday. He also said that the government is striving to facilitate trade and increase production capacity of various sectors to enhance exports of the country. Hafeez Shaikh said the government has doubled the budget allocated for the social sector, while measures have also been taken to provide affordable food and medical treatment to the poor. Various proposals to boost bilateral relations between the two countries and increase French investment in Pakistan were also discussed in the meeting. Earlier, Abdul Hafeez Shaikh has said that the foreign exchange reserves of State Bank of Pakistan (SBP) increased by 1.8 billion dollars during this period. The adviser also said that the current account deficit reduced by 73 per cent during the first five months of current fiscal year as compared to the corresponding period last year. He said reduction of three billion dollars in foreign exchange swaps and forward liabilities increased the foreign exchange buffer by 4.8 billion dollars which provided further stability to external account. “Current Account Deficit is down by 72.6% in Nov 2019 & 73% between July-Nov 2019 vs same period in 2018. In 5 months, increase in SBP Foreign Reserves by $1.8B & reduction of $3B in FX swaps/forward liabilities increased FX buffer by $4.8B providing further stability to external account.”
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