ISLAMABAD: Minister for Finance Asad Umar here today said that due to corrective measures introduced by the current government for bringing stabilization in the national economy, the economic indicators had started showing resilience.
During the first half of current financial year, exports of the country increased, imports decreased and remittances were increased as compared to the corresponding period of last fiscal, the minister said while talking to the anchor persons of different TV channels at Ministry of Finance.
The minister said despite the immense challenges that were faced by the government on the economic front, it had decided to introduce some structural reforms to correct the fundamentals of the national economy for bringing long term development and stabilization.
Due to these reforms, current account deficit had also registered decreasing trend and was significantly reduced which would help to reduce the pressure on foreign exchange reserves, he added.
Asad Umer said that four components including exports, imports, remittances, and foreign direct investment were the determining factors of current account deficit, adding that all these indicators excluding foreign investment remained on the mark during the period under review.
He informed that private sector credit off-take during the period from July-December, 2018-19 had also witnessed 65 percent growth as compared to 21 percent of last year which was the highest in last 13 years.
The minister said that consumer inflation rate based on Consumer Prices Index (CPI) during the first five months of the government of Pakistan Peoples Party was increased by 11.2 percent, it was increased by 4 percent in Pakistan Muslim League (N) regime, whereas the CPI had witnessed a nominal increased 0.4 percent in the first five months of PTI government.
He said that year on year, CPI percentage change by income quintiles and commodity groups was at a lower level for a low-income group in 2018 as compared to the same period of last year, adding that government had tried to provide maximum relief to common man.
He said that the current government after coming into power had announced to explore and utilize other alternative sources for economic development and stabilization, besides negotiating with the International Monitory Fund (IMF).
The government was still in process of negotiation with IMF and as soon as any suitable programme for the betterment of national economy finalized, the agreement with the fund would be signed, he remarked.
Besides, he said that government was utilizing other available alternate options for fulfilling the financial requirements of the country and taking different measures for economic development and social prosperity of the country.
Replying to a question, the minister said that supplementary Finance Bill would be introduced to attract investment, promoting exports and facilitating the business activities in the country.
Bears growl at Hong Kong bourse
HONG KONG: Shares fell more than one percent Tuesday, hit by concerns over rising Iran-US tensions and as investors await this week’s crucial trade talks between Donald Trump and Xi Jinping.
The Hang Seng Index sank 1.15 percent, or 327.02 points, to 28,185.98. The benchmark Shanghai Composite Index fell 0.87 percent or 26.07 points,
to 2,982.07, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, lost 0.99 percent, or 15.63 points, to 1,560.46.
Asset declaration scheme: No extension to be granted!
ISLAMABAD: PM has warned that there would be no extension in the 30th of June deadline, therefore, people should legalize their undeclared assets.
He was speaking on Monday (24th of June) about the asset declaration scheme. He said that the country stood at the crossroad and every citizen would have to play his role in ameliorating the economy of Pakistan. Maintaining that the country could not move forward unless taxes were collected, Imran Khan held that nation and government could work together for the success of the scheme.
He told that modern technology would be introduced in the tax system and a helpline would also be set up for facilitation of public. PM pointed out that the first time Baynaami laws had been enacted to bring the undeclared wealth into the tax net.
He said measures were being taken to augment income and reduce loans. He further pointed out that Govt. was implementing austerity drive to reduce expenditure. He lamented that half of the income goes to repay interest on loans.
USAID provides waste mgmt. eqpt. to Jacobabad
JACOBABAD: USAID Director for Sindh & Balochistan Michael Hryshchyshyn handed over waste management equipment to the municipality here at the DC office.
These 80 waste management vehicles and related equipment, provided under USAID’s Sindh Municipal Services Program (MSP), were handed over in the presence of Sindh Minister for Local Govt., Saeed Ghani and Chairperson of the Sindh Planning & Devt. Board, Naheed Durrani.
Michael Hryshchyshyn articulated that the US Govt. was proud to partner with the Govt. of Sindh in the joint initiative of providing a clean & healthy environment for the citizens of Jacobabad. Through MSP USAID is helping the city rehabilitate its water supply, sewerage, and garbage collection systems.
Construction of the new water system is near completion and over 300,000 citizens of Jacobabad will all have access to clean, potable water and will be living in a much cleaner environment, all which will have a significant impact on their health and well-being.
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