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Foreign Trade and Fiscal Deficit Brought Under Control: Advisor

ISLAMABAD: Dr Abdul Hafeez Sheikh, Adviser to the Prime Minister on Finance, has said that two big deficits of foreign trade and fiscal has been brought under control.

While reviewing the PTI government’s performance in the economic field in the first quarter of FY2019 here at a Presser held at the PID today Hafeez Sheikh held: “These are big steps and their positive results have come forward.” The Advisor went on to inform that the trade deficit was brought down by 35 percent while fiscal deficit was reduced by 36 percent in the first quarter. He stated that the volume of non-tax revenue had augmented as compared to the previous year.

He informed that Rs. 406 billion had been collected in non-tax revenue which was a 140 per cent increase over the previous year: “We think that this is a big achievement. In our budget, we have a Rs. 1, 200 billion target, but I want to share the good news with you that we will increase this by Rs. 400 billion and are confident to take it to Rs. 1,600 billion.”

Stating that the net portfolio investment had increased after three years by $340 million, the Advisor added: “Foreign investors are showing confidence in Pakistan’s economy right now.” Focusing on the condition of Stock Exchange here Hafeez Sheikh said that in the last three months the Index augmented from the 28,000 points level to 34,000. According to the Advisor work on government’s goal of augmenting the opportunities of employment overseas was also going well.

Adviser to the Prime Minister on Finance maintained that results of the assistance provided by the government to the export sector were becoming visible especially in the fabrication of the export sector. Hafeez Sheikh claimed that the International Monetary Fund, World Bank and foreign investors were confident as the results of the difficult decisions taken by the government we slowly becoming apparent.

News Pakistan

 

 

 

M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.