National economy on road to recovery, next year will be better: Hafeez

KARACHI (92 News) – Adviser to Prime Minister on Finance Abdul Hafeez Shaikh has said that the national economy is on the road to recovery and next year will be better. Talking to business leaders in Karachi, the adviser termed that the national economy back on track as the difficult period has been managed. “Foreign exchange situation has been stabilized, exchange rate is relatively stable and the IMF programme is being implemented to the satisfaction of the fund. Hafeez Shaikh assured the businessmen that circular debt will also be addressed through two hundred bullion rupees worth of bonds for which a green light has been obtained from the IMF. He said the government has recently announced 200 billion rupees of package to facilitate exporters and thrust is now being shifted from cheaper imports to offering benefits to exporters. He said the stock market has witnessed a significant improvement and there has been 16 percent overall growth in tax revenue and 21 per cent growth in in-land revenue during the first four months of this fiscal year. The finance adviser said 1.9 million people were under tax net in 2018 and this figure has increased to 2.7 million in 2019. He said the federal government has doubled the budget of social safety net programmes to provide relief and improve the quality of life of poor segments of the society. Earlier, Abdul Hafeez Shaikh has said that the  progress is not possible without investment of the elite class in the country. Addressing a conference in Islamabad on Thursday, the adviser said that the public private partnership is imperative to ensure economic development in the country. Hafeez Shaikh also said successful process of development, progress and prosperity is not possible without support of the private sector. He said the government has taken bold steps to facilitate business community and foreign investors as well in this regard. Addressing on the occasion, Minister for Planning Division Makhdoom Khusro Bakhtiar said that the government is also working on Economic Corridor from Torkham to Dushanbe. He said this project will be implemented with the support of World Bank. He said roads will be constructed and rail tracks will be laid down under the project.