Current account deficit has dropped significantly in five months, Dr Hafeez

By Atta Ur Rehman Khan - Web Editor & Columnist

03rd December, 2019

Advisor Treasurer Abdul Hafeez Shaikh said, the current account deficit has dropped significantly in five months while the fiscal deficit and trade deficit are also decreasing.

According to the details, Advisor Finance Minister Abdul Hafeez Shaikh said in a press conference with the government economic team that in the last five months the domestic economy has improved, exports have increased by 10% and the Pakistani stock market has crossed 40,000 levels while government spending has been strong.

“The State Bank’s reserves not only stabilized but also increased, we want jobs and employment opportunities created in this country,” he said.

Abdul Hafeez Shaikh also said that non-tax revenue increased by more than 100% in 5 months while tax revenue increased by 16% over last year.

Construction activities increase in the country: Hafeez Sheikh

Earlier adviser on Finance Abdul Hafeez Sheikh has said that the government has overcome the fiscal and trade deficits.

While addressing a press conference along with Chairman Federal Board of Revenue (FBR) Shabbar Zaidi in Islamabad he said that the current account deficit has been reduced to the record level. For this, government struck agreements with the friendly countries as well as IMF, the World Bank and the Asian Development Bank.

Abdul Hafeez Sheikh said that trade deficit witnessed a decrease of 35% fiscal deficit thirty six percent during the first quarter of current fiscal year.

The adviser further said the present government has significantly cut its expenditures. Civil government expenditures was cut by 40 billion rupees, while a tax target of Rs 5500 billion was set.

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