Rupees 200bln will be spent for exports’ Advertising: Hafeez Shaikh

The government has chosen to announce a package of Rs 200 billion to exporters to market exports apart from increasing manufacturing and job opportunities in the nation, Advisor to Prime Minster on Finance and Revenue Dr Abdul Hafeez Shaikh said on Monday.

Addressing a media conference here, the advisor said that the State Bank of Pakistan had also made a decision to increase loans to its exporters by Rs 100 billion.

Hafeez Shaikh advised that the authorities had also decided to allocate additional Rs 250 billion to solve the issue of circular debts from the nation’s power industry.

He said the stakeholders involved with building sector would also receive special tax concession.Hafeez Shaikh said during initial four months of current fiscal year, the authorities had achieved remarkable successes on economic growth as the trade deficit continued to decrease leading to increase of foreign exchange reserves from the nation.

He said after a major gap of five years, the nation’s exports had started increasing now by 4 percent apart from he said the FBR tax earnings had also increased by 16% in four weeks compared to same period of last year.

The advisor on finance pointed out that cement manufacturing also increased by 4.5percent that was clear of the fact that the nation’s construction industry was growing.”The nation’s exchange rate remained stable throughout first four weeks of fiscal year 2019-20 and stock market had also revealed a remarkable comeback,” he said adding that the government had paid $2.1 billion trades obtained by the preceding administration.

He said that Pakistan’s financial industry had comfortably stabilized today which was also being endorsed by the international institutions such as International Monetary Fund (IMF) and the World Bank.”Last week, the IMF had praised Pakistan government’s attempts of introducing reforms in economic industry and said that it had fulfilled all of the targets that were set by the IMF because of its programme together with the nation,” he remarked.To a query, Hafeez said the pace of economic growth in the nation could be further increased in forthcoming days and also the economic growth rate target fixed by the authorities for its year 2019-20 could easily be surpassed.

To another query, he said the authorities had allocated listing Rs 152 billion to the evolution of erstwhile FATA during current fiscal year.Responding to a question regarding reduction rate, the advisor said determination of reduction rate was that the task of monitory policy committee and the authorities had given total liberty to the SBP’s monetary policy.

He said the committee decided that the reduction rate by keeping in view various factors.He said the government was focused on controlling the costs of daily usage essential products.”We are also taking measures to decrease the function of middle men because of the amount of food things jumps once they reach the end customers.

“He said the authorities had also decided to not borrow money from the State Bank of Pakistan because of that Pakistan didn’t publish a single rupee during last four weeks.

The authorities he said had also decided to give Rs 6 billion to Utilty Stores to guarantee availability of essential daily usage things on subsidized rates.He said for last four weeks, the cost of petrol cost was not increased in spite of the fact that its cost in the international degree increased.

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