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Shabbar Zaidi, Hafeez Sheikh’s joint press conference today l 12 Oct 2019

#ShabbarZaidi #HafeezSheikh #PMImranKhan

Adviser on Finance Abdul Hafeez Sheikh has said the difficult decisions taken by the government have started bearing positive results on the economic front.

Addressing a news conference along with FBR Chairman Shabbar Zaidi in Islamabad today (Saturday) about the economic situation of the country, he said the government has overcome the fiscal and trade deficits. He said the trade deficit witnessed a decrease of thirty five percent and fiscal deficit thirty six percent during the first quarter of current fiscal year.

Hafeez Sheikh said the current account deficit has been reduced to the record level. For this, we struck agreements with the friendly countries as well as IMF, the World Bank and the Asian Development Bank.

He said our exchange rate and foreign reserves are standing at strong levels with sixteen percent surge has been made in revenues. He said eight hundred thousand additional people have come to the tax net.

The Adviser said the government has not made any borrowing from the State Bank of Pakistan over the last three months with the aim to control the inflation. He said we have also not taken supplementary grants as there is check on the expenditures.

Hafeez Sheikh said the non-tax revenue has contributed four hundred and six billion rupees in the first quarter of current fiscal year. He said this is 140 percent more than the last corresponding period. He said this is a big achievement. He expressed the confidence that the government will be able to raise 1600 billion rupees through non tax revenue this fiscal year.