PM Imran Khan chairs session of economic team

ISLAMABAD: Prime Minister Imran Khan on Friday chaired a session of the economic team in order to review steps being taken to increase exports and further reduction in current account deficit.

Consultations were held to bring improvement in business environment and economic situation of country besides reviewing decisions for stabilising the national economy.

The session was attended by finance adviser Hafeez Shaikh, commerce adviser Abdul Razak Dawood, information adviser Firdous Ashiq Awan, Board of Investment (BoI) chairman, federal minister for power, reforms minister and other high-level officials.

According to the declaration, the initiation of the current financial year from July 2019 was made on positive note following the reduction of current account deficit up to 31 per cent and a record hike in exports.

The prices of fuel will be decreased from September 2019, moreover, the international financial institutions including World Bank (WB), Asian Development Bank (ADB) restored its support the effective economic policies of the present government.

Executive Committee of National Economic Council (ECNEC) approved the allocation of Rs579 billion for the agriculture sector and infrastructure development.

The economic team of the federal government sanctioned funds for mass transit project for Karachi, the metropolitan city of Pakistan.

It has been decided to promote talks with the business community for gaining its confidence over the steps being taken for economic stability.

Earlier in the day, the federal government announced to reduce the price of petrol by Rs4.59 per litre for the month of September.

Prices of diesel and petrol were slashed by Rs4.59 and Rs7.67 a litre respectively.

Following the cut in the prices of petroleum products, the new price of petrol and diesel will be now Rs 113.24 and 124.80 respectively.