Home Business Hafeez Sheikh says govt measures supporting Pakistan’s economy

Hafeez Sheikh says govt measures supporting Pakistan’s economy

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ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government’s effective measures have started supporting Pakistan economy, Prime Minister Imran Khan’s adviser on finance, Dr Abdul Hafeez Sheikh, said Monday during a press conference here in the federal capital.

Speaking to the reporters, Dr Sheikh said there has been a gradual reduction in Pakistan’s trade deficit and that the country’s exports have experienced a noticeable improvement.

The government’s effective measures have started supporting the economy, the adviser said, adding that not only were the foreign exchange reserves increasing but that the president of the World Bank as well as a team of the International Monetary Fund (IMF) had commended Pakistan’s economic efforts.

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

He explained that the cement production has bumped up, surpassing 16 million tonnes. The domestic tax net saw a 21-percent improvement and $2.1 billion of the loans taken by previous governments had been paid off during the PTI tenure.

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.