Govt giving subsidies to improve economy: Hafeez Shaikh

KARACHI: Adviser to PM on Finance Hafeez Shaikh on Saturday said the government is giving subsidies to industrialists and exporters to improve the economy.

Hafeez Shaikh while addressing a ceremony of the Overseas Investors Chamber of Commerce and Industry in Karachi, said International Monetary Fund has also expressed confidence on the economic reforms agenda of the government.

The adviser said the tax system has improved due to reforms being introduced in the Federal Board of Revenue (FBR). He said the difficult economic situation has been overcome.

The government did not borrow any money from the State Bank of Pakistan over the last four months. The Stock Mark has also witnessed a significant improvement.

Read more: Poverty alleviation first step towards prosperity, says Hafeez Shaikh

He said the current account deficit has reduced whilst investors have also been giving subsidy of two hundred billion rupees.

Hafeez Shaikh said two hundred and fifty billion rupees are also being spent in the energy sector.

Last week, Prime Minister Imran Khan had said providing relief to the people is the top priority of the government.

“We strive to provide special relief to low-income groups and poverty-stricken families,” he had said while chairing a meeting called to discuss measures to cut prices of essential commodities to prove the poor relief.

Prime Minister Khan had said in view of the challenging economic situation, the government took difficult decisions. Due to these decisions, he added, the economy is stabilising today and economic indicators are showing improvement.