In the first-ever briefing, Prime Minister Syed Yusuf Raza Gilani on Thursday hinted at overall review of the existing policies for seizing downward trend in the economy, besides providing immediate relief to under-privileged sections of the society.
He stressed a more active role of private sector in policy making to make economic boost happen in a short span of time. Sources said the Prime Minister asked the economic managers to give him another presentation soon after the Cabinet sworn in to make much-needed changes for making the economy vibrant.
During the presentation, the Prime Minister was informed that Pakistan was facing Herculean task on economic front due to longest-ever spell of high petroleum product prices in the international market, worsening law and order and relatively poor performance of various important sectors of the economy during the first 8 months of the current fiscal year.
The presentation by the government economic team on the economic situation covered available financial resources, dip in exports resulting in widening of trade gap, below target revenue collection, foreign debt and resources required for servicing, privatisation proceeds matured so far, petroleum products' import bill and subsidy provided by the government to protect consumers till February this year.
The Prime Minister was informed about the measures taken for minimising trade deficit including reduction in development and non-development budget for 2007-08. He was informed that non-development expenditure and development budget were slashed to make some resources available for the elected government for possible relief to people from increasing prices of essential items.
Talking to this scribe, a member of the government economic team said "Thursday's presentation to the Prime Minister was an introduction of what policies were bring followed and what steps could be taken to meet the economic challenges".