Govt stabilises economy, improved financial indicators: minister
ISLAMABAD: The government has stabilised the economy, increased exports, enhanced foreign exchange reserves and significantly shrank the current account deficit, a government official said.
Speaking at the Achievement Award ceremony of the Lahore Chamber of Commerce and Industry (LCCI), Minister for Federal Education and Professional Training Shafqat Mehmood said that when Pakistan Tehreek-e-Insaf (PTI) formed the government three years ago the economy was in shambles.
The economy was in a dire state, the country was under heavy debt, the current account deficit had ballooned, exports had dropped and the rupee was kept at a certain level through artificial means.
The PTI government had to seek loans from friendly countries and the International Monetary Fund (IMF), he added.
He said despite the widespread attack of coronavirus, the government kept the economy floating and the last year achieved economic growth of 4 per cent, took the exports to $25.3 billion, foreign remittances went up to $30 billion and the Federal Board of Revenue (FBR) collected revenue of more than Rs4.70 trillion in a year.
Textile, construction and other sectors of the economy were moving forward and the government led by Prime Minister Imran Khan not only successfully managed the coronavirus pandemic but also protected the lives and livelihoods of the poor, Mehmood added.
The minister said the government initiated a programme of youth skills development with an amount of Rs10 billion. Around 50,000 youth were being given training in cutting-edge information technology, including artificial intelligence, big data, internet of things and cyber-security.
Now the youth with prior learning and experience were being given certificates from accreditation institutes, he said, adding that the government was revamping the accreditation institutes so that they could certify manpower in skills, which were required by the industry and businesses.
The minister congratulated the winners of the awards and said the progress of the country was dependent on strong industry and economic stability.
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