Economy put on right track: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh Thursday said the government has overcome immediate challenges faced by the economy by taking right decisions and focus has now shifted to accelerating the pace of growth by creating an enabling atmosphere for businesses and boosting growth in key sectors such as agriculture.

“We are expecting an over 3 percent growth in the agriculture sector which has remained stagnant for the past five years,” he said this while talking to a group of foreign investors representing international banks and financial institutions looking to invest in capital market of Pakistan, said a press release issued by Ministry of Finance here.

He said that we are further injecting about Rs 250 billion in agriculture sector to enhance crop productivity and improve water management.

The Adviser gave the visiting investors an overview of various policy measures adopted by the government in recent months to tide over the economic slowdown.

He also spoke about the positive outcomes as reflected in surging exports, improved revenue collection, increase in number of tax filers, enhanced non-tax revenues and various other measures to facilitate businesses, including immediate sales tax refunds to the tune of Rs 22 billion to exporters and payment of all Income Tax refunds to the limit of Rs 100,000.

Dr. Hafeez Shaikh also briefed the delegation on various steps for improving ease of doing business which will pave way for investment and growth of businesses.

The delegation appreciated the intention and practical steps taken by the government to facilitate businesses and improve the environment for encouraging foreign investment in Pakistan’s capital market.