ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh said on Tuesday the country’s exports registered a 9.6 per cent increase in October.
“Exports of Goods & Services increased by 9.6% in Oct 2019,” he said in a tweet.
“To provide easy working capital & funds for expansion, Govt & SBP will give additional Rs 300B[illion] in subsidised financing to exporters & Rs 30B will be given in cash instead of promissory notes issued against tax refunds,” he added.
Exports of Goods & Services increased by 9.6% in Oct 2019. To provide easy working capital & funds for expansion, Govt & SBP will give additional Rs 300B in subsidised financing to exporters & Rs 30B will be given in cash instead of promissory notes issued against tax refunds.
— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) November 19, 2019
A day earlier, Dr Shaikh had said the current account deficit shrinked by a massive 63.1 per cent in the first quarter of current fiscal year.
Talking to a renowned anchorperson in Islamabad, Hafeez Sheikh said that trade deficit fell by 33.5 per cent during the first quarter of the fiscal year-2019-20. He noted that exports increased by 3.8 per cent during the period.
The finance adviser also claimed, “The government has taken concrete measures to eliminate circular dept by December 2020.” He said that the government put the economy on an upward trajectory of progress and development.
He said the government was making all-out efforts to increase revenue.
Hafeez Sheikh said that the International Monitory Fund (IMF) mission had expressed its satisfaction over their performance during the first quarter of the current fiscal year.
He further said that the government had reduced its expenditure, increased budget for development and poverty alleviation programme.
