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Economy

Supp. budget aims at boosting exports

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Asad Umar

ISLAMABAD: Minister for Finance Asad Umar has said that the supplementary budget to be launched by the government this month, is aimed at enhancing exports, facilitating business activities, and attracting maximum foreign direct investment in the country.
Due to remedial measures, introduced by the current government for bringing stabilization in the national economy, the economic indicators had already been started showing significant resilience,  he said while addressing to anchorpersons here at his office.
During the first half of current financial year, he said exports of the country have increased,  imports decreased and remittances are showing the upward trend as compared to the corresponding period of last financial year.
The minister said despite the immense challenges faced by the government on the economic front,  it was decided to introduce some structural reforms to correct the fundamentals of the national economy
for bringing about long term development and stabilization.
Due to these reforms, current account deficit has also registered decreasing trend which would ultimately 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 are the determining factors of the current account deficit, adding that all these indicators excluding foreign investment remained up to the mark during the first half of the current fiscal year.
He informed that private sector credit off-take during the period from July-December, 2018-19  has also witnessed 65 percent growth as compared to 21 percent of last year which is the highest in the 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 witnessed a nominal  increased 0.4 percent in the first five months of PTI government.
He said that year on year, CPI percentage for households belonging to lower income groups even declined in the period as compared to the same period of last year, adding that the 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 is 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 is utilizing other available alternative options for fulfilling the financial requirements of the country and taking different measures for economic development and social prosperity of the country.

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Economy

Pakistan’s economic condition has improved: Dr Reza Baqir

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Reza Baqir

ISLAMABAD: State Bank of Pakistan Governor Dr Reza Baqir, while addressing a press conference here, has said that Pakistan’s economic condition was improving due to the positive policies taken by the government.

“Our external deficit and fiscal deficit are being addressed according to our economic plan,” he said, adding the government was striving hard to bring economic stability in the country.

He said that the government was taking measures to restore people’s confidence in the economy and added that Pakistan’s economic future was bright. In the past, government had been interfering in the exchange rate system, he added.

The SBP governor said that the burden of external debt payments reduced due to the devaluation of rupee. He said that exchange rate policy was the part of reform process. Baqir said that the government was not taking loan from SBP during  the current fiscal year.

Earlier on June 14, good economic policies ensured a strong national economy, Prime Minister’s Adviser on Finance Abdul Hafeez Shaikh had said.

The adviser was addressing a gathering of the Council of Foreign Relations in Karachi. The governments in the past failed to devise the policies for lasting economic development, the finance adviser had said.

 

 

 

 

 

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Economy

Nahakki Tunnel opened for traffic

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TUNNEL

ISLAMABAD: The 745-meter-long Nahakki Tunnel has been completed in Mohmand Agency.
The tunnel has been opened for all kinds of traffic as well. Locals talking to a private news channel said after the construction of the tunnel, traveling of five hours has been reduced to merely 2.5 hours.
People said they were happy with this infrastructure as it would facilitate them in traveling and save time.

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Asia

Turkey hits out at Moody’s after credit rating cut

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Moodys

ANKARA: Turkey on Saturday lambasted Moody’s ratings agency after it cut Ankara’s credit rating further into junk territory, saying the downgrade raised concerns over the institution’s “objectivity and impartiality”.
The agency downgraded the long-term debt rating to B1 from Ba3 and said it maintained the negative outlook for Turkey, in a statement late Friday.
Although the country had a “large, diverse economy” and government debt was low, Moody’s said this was outweighed increasingly by “continued erosion in institutional strength and policy effectiveness on investor confidence”.
But the Turkish treasury and finance ministry said the move was “incompatible with the Turkish economy’s fundamental indicators”.
“As a result, this raises questions over the objectivity and impartiality of the body’s analyses,” the ministry added in a statement.
It pointed to rising tourism revenues, falling inflation, and a new judicial reform package as examples of “very positive developments that we sadly see are being ignored”.
The Turkish economy entered into recession for the first time in a decade last year following a currency crisis in the summer amid tensions with the United States.

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