By Shakeel Ahmed
ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh expressed the optimism that common man would shortly get the positive impacts of macroeconomic stability .
He said that government was making strenuous efforts to achieve the set targets of national economic development during current financial year for overall social economic uplift in the country.
Addressing the “Pakistan Innovative Finance Forum”, he said that in order to achieve the macro-economic stability, the government had taken hard economic decision to maintain fiscal discipline. The event was jointly organized by Asian Development Bank (ADB) and Pakistan Innovative Finance Forum (PIFF). Former Governor, State Bank of Pakistan (SBP) and Chairperson Karandaaz Pakistan, Dr Shamshad Akhtar and Dean, Asian Development Bank Institute (ADBI) Professor Naoyuki Yoshino also spoke on the occasion.
The Adviser said that government had adopted austerity measures that helped in curtailing the menace of deficits and created additional space for enhanced spending on the socio-economic prosperity. ”We were able to achieve the current account surplus in October, 2019,” he added. The adviser to PM expressed the hope that Gross Domestic Products target set by the government for this year, ought to be achieved with the expectation of surpassing the target.
He said that revenue generation was major challenge for the government and informed that revenue collection in the country was increased by 16 percent in fiscal year as compared to previous year, which showed the positive direction of the incumbent government.
He said that Public Private Partnership was the prerequisite tool and was the only way forward to make new infrastructural projects for achieving the economic reform agenda set by the government. He said that resources management was another important component for achieving the sustainable economic growth in the country. Hafeez said the government has facilitated the exporters and extended them the facility for increasing country’s exports, resultantly local export witnessed significant increase in the last four months of current financial year. He said increasing exports trends and decreasing imports during last four months, did help in decrease of the trade deficit also.
He said that Foreign Direct Investment (FDI) also increased in the last quarters as compared to the last FY in same period, which shown confidence of foreign investors on the current government. He said that International Monetary Fund (IMF) was satisfied with the policies and accomplishment of the economic agenda of current government and agreed to enhance further cooperation in future as well.
He said that this forum under the supervision of Asian Development Bank (ADB) would play important role in future, adding that ADB has history of economic and development cooperation with Pakistan, which would eventually increase in future.