Foreign direct investment increased by 137pc: Hammad Azhar

ISLAMABAD: Minister for Economic Affairs Hammad Azhar on Tuesday said that foreign direct investment increased by 137 per cent due to prudent policies of the incumbent government.

Highlighting the achievement of the PTI government on the economic front, Hammad Azhar addressing a news conference in Islamabad, here today, said current account deficit in the first quarter of the current fiscal year has decreased by 65 percent, fiscal deficit declined by 50 percent, primary budget balance noted a surplus of 385 billion rupees, foreign investment of 350 million dollars came to Pakistan, and foreign exchange reserves witnessed an increase of 650 million dollars.

The minister said collection of Federal Board of Revenue (FBR) has increased and tax base enhanced by 55 percent and growing circular debt brought down from 38 billion to 12 billion rupees per month.

He said ease of doing business index improved by 28 points and the stock market witnessed a growth of 6500 points. He said Public Sector Development Programmes’ releases have been doubled and exports are also improving.

Mr. Azhar said exports of readymade garments increased by 38 percent, rice 52 percent and footwear 54 percent.

Responding to a question, the minister said the government is introducing reforms and automation in the Federal Board of Revenue but none of the employees is being deprived of job.

To another question, he said the federal government is collaborating with provincial governments to control food items prices.