Economy on the mend, says Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh said on Wednesday the government’s prudent policies to bring about macroeconomic stability are yielding results.

Speaking in a microeconomic conference in the capital city, he said the incumbent government has been bringing reforms to the country’s tax policy. He added the documentation of the economy is underway.

The adviser said efforts are afoot to whittle down fiscal deficit to funnel funds into the development sector. He said the ruling PTI was saddled with tough economic conditions when it came to power.

Dr Shaikh said the Imran Khan-led government steered the country out of choppy waters, improving the economic situation as well as ease of doing business, cutting unnecessary spending and stabilising State Bank of Pakistan’s reserves.

He said the International Monetary Fund (IMF) expressed satisfaction at overall economic indicators as did other global economic institutions.

Hafeez Shaikh said foreign direct investment jumped 236 per cent as $600 million worth of investment came to Pakistan over last few months. He recalled Bloomberg, a global economic journal, termed Pakistan’s stock market the world’s best performing market in last three months.

He said significant progress has been made in the microfinance sector and now the sector is yielding positive results in the shape of creation of job opportunities and boosting economic activities in the country.

The adviser said microfinance is also proving helpful in providing solutions to many challenges facing the country. He added we have low saving rates in the country however; the microfinance can be helpful to address this issue as well.