Minister for Economic Affairs Hammad Azhar has said that better economic policies of Pakistan Tehreek-e-Insaf (PTI) government have started bearing fruit with decrease in current account and fiscal deficits and increase in foreign direct investment, revenue collection and tax base.
"There has been an increase of 137 percent in foreign direct investment (FDI) during the first quarter of current fiscal year. Fiscal deficit has been reduced by 50 percent in first three months of the financial year. Primary budget balance noted a surplus of Rs 385 billion, foreign investment of $350 million came to Pakistan, and foreign exchange reserves witnessed an increase of $650 million. The registration of tax filers increased by 55 percent," the minister said this while addressing a press conference here on Tuesday.
The minister said that that Prime Minister Imran Khan has amicably resolved the Karkey dispute with the help of Turkish President Tayyip Erdogan.
Answering a question, Azhar said that Power Minister Omer Auyb Khan is out of the country and he would brief media about the details of the Karkey dispute on his return.
He said ease of doing business index improved by 28 points and stock market witnessed a growth of 6,500 points. He further said that in the three working days, the stock exchange soared by 1,500 points. He said that releases for Public Sector Development Programme (PSDP) have been doubled and exports are also improving.
"We have collected 15 percent more tax revenue as compared to pervious year and achieved more than 90 percent target. We have collected around Rs 960 billion revenue. The circular debt reached from Rs 450 billion to Rs 1,200 billion in the tenure of the previous government. The circular debt was increasing Rs 38 billion every month but now it has been decreased considerably and is Rs 12 billion per month," he said. The minister claimed, "In our first 13 months, inflation was 8 percent. Inflation rate in the PPP period was 21 percent and it was 8.3 percent in the PML-N period."
He said that exports of readymade garments increased by 38 percent, bedwear, 23 percent; rice, 52 percent; and footwear, 54 percent. He said that Pakistan currency was under pressure and inflation increased due to stabilizing measures taken by State Bank of Pakistan (SBP). The minister said that economy of the country has come out of crisis and its positive indicators are being observed. He said revenue collection of Federal Board of Revenue has increased.
Responding to a question, the minister said the government is introducing reforms and automation in Federal Board of Revenue; however, no employee is being deprived of job.
Answering another question, he said the federal government has asked Pakistan Agricultural Storage and Services Corporation (PASSCO) to release 650,000 tons of wheat.
To yet another question, he said the federal government is collaborating with provincial governments to control prices of food items.
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