Prime Minister Imran Khan has lauded on Friday his economic team for turning around the country’s economy within a year.
In a post on Twitter on Friday, the prime minister said foreign direct investment witnessed an increase of 111.5% while foreign private investment surged by 194% during this period.
It is a great achievement of our economic team to turn around the economy within a year pic.twitter.com/4j8za4uSMe
— Imran Khan (@ImranKhanPTI) October 18, 2019
He said that in one year, the credit for the improvement of the economic situation goes to his team. He added that exports have increased by 5.9% while imports declined by 18.5%.
The premier further said that the current account deficit has gone down by 80% during the corresponding period, while the remittances increased by 17%. The current account deficit has reached its lowest level in 41 months.
In a press conference on October 12, Hafeez Shaikh, the adviser to PM on finance, revenue, and economic affairs, said that the harsh steps taken by the government have improved the country’s economy. The situation of our foreign reserves is better now, he remarked.
The government tried to cut down its expenses. All cabinet members got a salary cut. The budget for the Pakistan Army was reduced. The PM cut down his own expenses. We tried to increase our revenue and brought 0.8 million people under the tax net. “We tried to increase exports and production so that people are able to benefit.”
He claimed that the government’s two big deficits have become less now. The trade deficit is down to $5.7 billion from $9 billion, while the fiscal deficit is down by 36% from Rs738billion in the first quarter to Rs476 billion.
“We did not borrow from the State Bank and didn’t approve any supplementary grant because we have been controlling our expenses,” he said. The big steps taken by the government have reaped positive results. Our exchange rate is stable now, Shaikh added.
Pakistan’s net portfolio network has increased to $340 million after three years. This shows that the international businessmen have shown confidence in Pakistan’s economy.
As for overseas employment, last year 240,000 Pakistanis went abroad but this year 333,000 people have gone. This will have a good impact on our economy, he added.