ISLAMABAD: Addressing a Presser here today, the Finance Adviser Dr. Abdul Hafeez Shaikh stated that public private partnership was imperative to ensure economic development in the country.
Hafeez Shaikh held that successful process of development and prosperity was not possible without support of the private sector.
Pointing out that the country was facing challenges both on economic and security fronts, Adviser claimed that government had taken bold steps to facilitate business community and foreign investors as well in this regard.
A relevant piece published earlier:
Circular debt reduced to Rs.10B, claims Hafeez Shaikh
ISLAMABAD: Dr. Abdul Hafeez Shaikh, Prime Minister’s Advisor on Finance, claimed here today that present government has succeeded in reducing the circular debt to less than Rs. 10 billion.
According to Hafeez Shaikh when PTI government came into power the country was heading towards bankruptcy, but under the objective of economic stability, a number of steps were taken to control the dollar reserves.
Prime Minister’s Advisor on Finance Hafeez Shaikh went on to claim that Government expenses were reduced through austerity measures and current account deficit was also reduced over 70%.
Focusing on the PTI Government’s endeavor to augment the tax net, Dr Abdul Hafeez Shaikh told that 600,000 additional tax payers were registered. Hafeez Shaikh told that a new system had been introduced since 23rd August under which speedy refunds were given to the business community. He further informed that from now on refunds would be automatically ensured on 16th of every month.
Dr. Shaikh informed the government was working towards privatization of National Bank of Pakistan and State Life Insurance to ameliorate the workings and output of these organizations. Still harboring on the subject he said that the government had expedited the privatization of state-owned enterprises. He further held that these organisations would be restructured on fast-track basis in order to augment their output.
Commenting on the value of dollar that shot up from hundred to 170 Dr. Shaikh claimed that value of rupee has improved resulting in a benefit of Rs. 246 billion in loans. Shedding light on agriculture he told that Rs. 250 billion has been allocated for the development of the sector.
Terming the economic policies of the present government as prudent, Dr Abdul Hafeez Shaikh said economic growth target of 2.4 would be achieved easily.
Dr Abdul Hafeez Shaikh further stated that ease of doing business was top priority of the government as businessmen were playing the vital role of providing employment.
Substantiating his claim he held that government was providing loans and subsidies to the business community on gas, electricity, “due to which exports are on the rise,” he claimed.
Prime Minister’s Advisor on Finance maintained that merit, transparency, and protection of workers’ rights would be the top priority in the privatization process.
While claiming that there was no tax on food items, he said the government expected to collect over Rs. 1000 billion additional revenue by means of tax and non-tax resources in the current fiscal year.
He further informed that Rs. 140 billion had been received from two cellular companies and an amount of Rs. 370 billion was expected to be received from other resources.
Hafeez Shaikh further claimed that stock market (that is permanently in the red) and value of rupee (that had never seen as low in the history) were stable. He termed them as positive economic indicators!
Asserting that tax would be collection without any compromise, he said that reduction of petroleum prices in global market would be passed on to the citizens of Pakistan.