PTI two-years performance: Govt’s sound policies led to economic revival, says Hafeez

Economic observers and organizations like Moody’s, Fitch, and Bloomberg had improved Pakistan’s rating, due to government’s sound economic policies, said Adviser to the Prime Minister on Finance Abdul Hafeez Shaikh.

The federal government on Tuesday unveiled its two-year performance report highlighting its successes on the internal and external fronts.

Cabinet members including Information Minister Shibli Faraz, Foreign Minister Shah Mahmood Qureshi, Adviser on Finance Hafeez Sheikh, Minister for Industries Hammad Azhar, and Special Assistant on Poverty Alleviation Sania Nishtar presented the two-year performance of the government at a news conference in Islamabad on Tuesday.

Talking about the performance of the finance ministry, Hafeez Shaikh said that Pakistan was facing huge challenges when the current government came to power. Challenges such as high current account deficit were brought drastically due to incumbent government’s sound fiscal policies, he said. Furthermore, the budget of the government was curtailed owing to austerity measures adopted to fend off the financial crisis. Whereas no new taxes were imposed in budget 2020-21, he said.

Shaikh informed that throughout the current year the government had not borrowed from the State Bank of Pakistan (SBP).

Talking about the Ehsaas Emergency Cash Programme Shaikh said that for the first time in the country’s history, Rs250bn was provided to the people. “This money was provided to 100 million people,” he informed. Loans to small traders and relief in the form of paying their three months bill were also provided.

Shaikh said that in the first month of current fiscal Pakistan’s exports grew by 6pc owing to the government’s policies and budget measures.

The SAPM also highlighted the performance of the Pakistan Stock Exchange (PSX) stating that international publications such as Bloomberg recognized the bourse as among the best performing exchanges in the world.