Caretaker Federal Finance Minister Shamshad Akhtar says that solving the economic problems is the first priority, measures are being taken for the improvement of the economy, the economic situation is improving with the government’s measures.
Addressing the function at Korangi Association of Trade and Industry (KATI), the Caretaker Federal Finance Minister said that my job is to bring the economy out of difficult situations. A lot of work is going on for this. The caretaker government has been in office for only 2 months, during which they have tried to work with full responsibility.
He said that when we joined on August 17, everyone knows what difficulties the economy was facing, we tried to restore the economy very quickly. It was not an easy task. We cannot waste much time, so focus on work. Will contact the concerned ministry about the pharmaceutical industry. Economic recovery activities have started. We want to speed up the process, but it will take time.
He said that the growth rate of economic development will be 2 to 3 percent. The World Bank has given a cautious estimate in this regard. For the first time in 14 months, the large scale and power sector has grown. The production of cement and tractors has improved. Fertilizer sales have recovered rapidly while cotton production has increased by 80 percent. Farmers’ credit increased by 44 percent during July-September.
Addressing the event, he said that the dollar has stabilized at 279 rupees in the interbank. 8 percent has improved the value of Rs. The dollar had reached 305 in the interbank. Law enforcement agencies have played a great role in improving the value of the rupee. There was wrong doing with regard to currency at the borders. Reforms of exchange companies have also played an important role.
Dr. Shamshad Akhtar said that theft of electricity is a big problem. Electricity and gas prices have been adjusted according to the international market. The immediate effects of the drop in oil prices were passed on to the public. FBR has collected more tax than the IMF target in the first quarter. Not stopping at this goal, money is needed to run the government. They are also bringing reforms for government institutions.
He said that the World Bank and IMF programs are being implemented effectively. The IMF delegation is coming to Pakistan on November 2 and will inform them about the implementation of the program. The IMF program is on track, and there will be inflows from other multilateral institutions when the tranche is received.
The finance minister said that if the fiscal account is unbalanced and the current account deficit is high, the interest rate only improves it. Its results are coming in the form of improvement in the current account. The interest rate is determined by the State Bank, not the Ministry of Finance. We understand the pain of the industry. Trying to resolve complaints by listening. An economic recovery plan is ready on the instructions of the Prime Minister.
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2024-09-25 14:08:49
