Imran says Pakistan has shown outstanding performance in tackling Covid-19 pandemic
The government envisages economic growth of more than 4% for this fiscal year despite the worst balance of payments crisis in 2018, the economic problems due to Covid-19, the high prices of raw materials on the international market and the direct impact and indirect result of a humanitarian crisis in Afghanistan.
Prime Minister Imran Khan said on Friday that Pakistan had demonstrated exceptional performance against Covid-19 compared to other countries in the region. “Pakistan is expected to achieve economic growth of over 4% – which is a major achievement,” he added, as he chaired a meeting of the Macroeconomic Advisory Group.
“Since we inherited a huge circular debt, anti-export policies, unstable financial conditions, a less competitive business environment and less incentive policies for the private sector, the three years of the current government are economic success, ”he added.
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The Macroeconomic Advisory Group meeting brought together Federal Ministers Shaukat Tarin, Hammad Azhar, Fawad Chaudhry, Asad Umar, Khusro Bakhtiar, Fakhar Imam, Minister of State Farrukh Habib, Advisor to Prime Minister Razak Dawood, Prime Minister’s Special Assistants Dr Sania Nishtar, Dr Shehbaz Gill, Governor of the State Bank of Pakistan (SBP), Reza Baqir and senior officials.
Several proposals to mitigate the transfer of the effects of high world commodity prices to the common people were presented at the meeting. The proposals included increased incomes, the purchasing power of the population, subsidies focused on the middle and lower income classes and the expansion of the social safety net.
During the meeting, a comprehensive review of the overall economic situation of the country, the measures taken by the government to minimize the impact of the increase in the price of essential items and the economic achievements of the government over the past three years have been presented.
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The meeting was informed that the country has made more economic progress even during the Covid-19 situation compared to other countries in the region due to the strong measures taken for economic stabilization after successfully emerging from the crisis. budget inherited from the previous government.
The Group was informed of a 25% growth in exports and the largest increase of 38% in tax revenue on record, a recorded increase of 27% in remittances and a decline in [power] circular debt after successful tariff negotiations with independent power producers (IPP).
In addition, the meeting was informed that with record incomes in the agricultural sector, an additional income of Rs 1.1 trillion was transferred to the farmers.
In addition to these developments, the government kept its promise of a welfare state by launching the largest social security program under Ehsaas, made institutional reforms, and successfully complied with the terms of the Financial Action Task Force. (FATF).
Imran told attendees that the government’s policy on smart lockdowns, incentives for the construction industry, social protection program, and subsidies for small and medium-sized enterprises (SMEs) have helped move the business forward. economy at a sustainable pace.
The Prime Minister asked the relevant departments to coordinate and implement long and short term plans for further improvement of both the macroeconomic situation of the county and the improvement of the economic situation of the people.