Country’s current account deficit reduced by 73 percent: Hafeez Shaikh

September 4, 2019 (MLN): Advisor to the Prime Minister on Finance, Revenue and Economics, Abdul Hafeez Sheikh has said that the country’s current account deficit has reduced by 73 percent.

Addressing a press conference on Wednesday, he claimed that imports into the country have moved down whereas exports have shown growth. Providing further details on the very same, he said that imports amounted to 4.1 billion dollars in the first month of current fiscal year, as compared to 5 billion dollars in the same period of last fiscal year.

With regards to revenue collection, he said that the government has collected nearly Rs. 580 billion in the first two months of the current fiscal year, i.e. 14 percent higher than Rs. 509 billion collected in the same period of last fiscal year.

The Advisor also shared insights on tax filing, wherein he claimed that the number of tax filers has increased by 27 percent, from 1.8 million to 2.5 million. He also informed that Government is quickly releasing tax refunds up to rupees one lac, which has been pending since 2015. Moreover, he assured that exporters’ refund would be released on a speedily basis.

He further informed that ECNEC has approved Rs. 570 billion worth of projects, wherein agri products worth Rs. 250 billion are also included. Moreover, he said that tribal and other areas would be disbursed Rs. 150 billion as up fitment program.

Hafeez Sheikh remarked that government is expecting an increase of Rs. 800 billion in non-tax revenue in FY20.

He further told the media that circular debt has been increasing by Rs. 38 billion per month, and has been reduced by Rs. 28 billion. In July, the circular debt increased by Rs. 10 billion, he said.

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