Govt's focus now on accelerating pace of economic growth, Hafeez Shaikh tells investors

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said on Thursday the government has overcome pressing challenges the economy faced by taking right decisions.

“The government has its focus shifted to accelerating the pace of growth by creating an enabling atmosphere for businesses and boosting growth in key sectors such as agriculture.”

He made these remarks while talking to a group of foreign investors representing international banks and financial institutions looking to invest in the capital market of Pakistan.

“We are expecting an over three per cent growth in the agriculture sector which has remained stagnant for the past five years.

We are further injecting about Rs 250 billion into this sector to enhance crop productivity and improve water management.”

The adviser gave the visiting investors an overview of various policy measures adopted by the government in recent months to tide over the economic slowdown.

He also spoke about the positive outcomes as reflected in surging exports, improved revenue collection, increase in number of tax filers, enhanced non-tax revenues and various other measures to facilitate businesses, including immediate sales tax refunds to the tune of Rs 22 billion to exporters and payment of all Income Tax refunds to the limit of Rs 100,000.

Dr Shaikh also briefed the delegation on various steps for improving ease of doing business scenario which will pave way for investment and growth of businesses.

The delegation appreciated the intention and practical steps taken by the government to facilitate businesses and improve the environment for encouraging foreign investment in Pakistan’s capital market.