PM Shehbaz expresses satisfaction over economic situation

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif on Tuesday while expressing satisfaction over the economic situation of the country, said that from day first, they had been working to provide facilities to the private sector for the economic development, provision of job opportunities and expansion of businesses and investment.

He observed that due to the government’s policies, the inflation rate in the country was on the nosedive and through governance they had been taking steps to pass on the effects of the reduction in the price hike to the common man.

The prime minister expressed these views while chairing the first meeting of the Economic Advisory Council, PM Office Media Wing said in a press release.

The meeting was attended by council members including Jahangir Khan Tareen, Saqib Sherazi, Shahzad Saleem, Mussadiq Zulqarnain, Dr Ejaz Nabi, Asif Pir, Zaid Bashir, Salman Ahmed and Sheharyar Chishti. Federal Ministers Ahad Khan Cheema, Ahsan Iqbal, Muhammad Aurangzeb, Ali Pervaiz Malik, Deputy Chairman Planning Commission, Dr Jehanzeb Khan, PM’ Coordinator Rana Ahsan Afzal, governor SBP and relevant senior officials were also present.

PM Shehbaz observed that the positive trends in the stock market reflected trust of the business community and investors in the government’s policies, adding they would provide further facilities to the foreign investors and business community in the next fiscal budget.

The prime minister said that they would reduce the tax ratio on common man and would increase the number of tax filers.

For the digitisation of the country’s economy, they were taking steps on priority basis, he said, adding that they would ensure provision of quality seeds and timely supply of fertilizers to the farmers for increasing their yield per acre.

He further assured to promote small and medium level industry to save agricultural products from wastage.

The prime minister directed for removal of all hurdles in acquiring visa by the foreign investors and business people.

The meeting was apprised that due to the government’s investment and business friendly policies, the confidence of the local and foreign investors had been strengthened which was reflected in the bullish trends of the stock market.

Giving briefing over the economic indicators, the meeting was apprised that during the third quarter of the current fiscal year, the agri sector showed a growth rate of 6.25 percent which was higher by 2.27 percent in the corresponding period last year.

Similarly, the industrial and service sectors also witnessed tangible growth rate. The inflation rate had been reduced from 38 percent to 17 percent and the government was immediately ensuring its trickle down effects upon the common man.

During the meeting, the council members presented different proposals for the economic stability and for different sectors.

PM Shehbaz directed for submission of comprehensive recommendations in the next meeting related to necessary steps for increasing country’s exports.