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Economic indicators on positive trajectory: finance adviser

November 11, 2019
Economic indicators on positive trajectory: finance adviser

There has been a 16% increase in FBR’s tax collection, Adviser to Prime Minister Imran Khan on Finance, Revenue and Economic Affairs Abdul Hafeez Sheikh said on Monday.

He was addressing a press conference with the government’s economic team in Islamabad to announce steps taken by the government to improve the economic situation in the country.

The finance adviser said the current account deficit is decreasing.

Sheikh spoke about the deal between the government and traders, calling it a ‘good’ step. He said the traders were given incentives and it was decided that they would increase documentation and contribute to the tax revenue collected by the FBR.

In the last four months, over $2.1 billion worth of loans taken by the previous government have been paid back to maintain Pakistan’s credit rating, he said.

Another achievement, he said, is that not even a penny has been borrowed from the State Bank of Pakistan in the last four months.

If all these factors are viewed collectively, it shows the formation of a positive picture, the finance adviser said.

The concessions to the country’s traders have started yielding positive results, the adviser said, adding that an additional sum worth Rs30 billion had been allocated for the Pakistan Housing Scheme.

He said a noticeable improvement has been seen in the country’s exports.

The IMF team has recommended that the second tranche of the bailout package for Pakistan be approved, Dr Sheikh claimed.

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Hafeez Shikh, PTI, government, economy, economic situtaion, FBR, taxes, revenue
 
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