Progress in country not possible without investment of elite class: Hafeez

ISLAMABAD (92 News) – Adviser to Prime Minister on Finance Dr 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. Earlier, Hafeez Shaikh, in response to a question by a journalist, claimed that tomatoes are being sold at Rs17 per kg in Vegetable Market. During a press conference with Minister for Economic Affairs Hammad Azhar, Chairman FBR Shabbar Zaidi and Special Assistant to Prime Minister Dr Firdous Ashiq Awan on Monday, he also ignored a question regarding an increase of US$44 in the SBP reserves on Saturday night. He said that economic indicators of the country were on positive trajectory with the growth rate projected to the increase. “The external trade deficit is continuously reducing along with increase in dollar reserves of the country,” he claimed. Hafeez Shaikh said that the revenues collected by FBR have also seen upward trend. “The exchange rate of the rupee is on stabilization and is gradually improving. The situation of the stock market is also satisfactory and index gradually increasing.” He said that a very good deal was struck with traders of the country in which they were given incentives and also urged to become part of the documentation drive. “US$ 2.1 billion of debt was returned in order to keep the credit rating of the country high. No money was borrowed from State Bank of Pakistan since the last four months.”