Digital transaction helps to strengthen economy and its documentation: President

November 10, 2020: President Dr Arif Alvi has said digital transaction not only ensure facilitation but also helps to strengthen the economy and its documentation.

Addressing the soft launch ceremony of Financial Pakistan Expo 2020 in Islamabad on Monday, he said digital transaction will play a key role in widening the tax base, increasing Special Economic Zones and encouraging entrepreneurship through small and medium enterprises. 

The President said a common consumer women empowerment should be the special focus of digital economy without which no society can progress.

Dr Arif Alvi said Pakistan's non-elitist class has soared due to inclusive approach adopted by the government through the provision of massive subsidies to take care of the people, especially the labour and the poor class, in the wake of COVID-19 pandemic. He, however, stressed the need to end inequalities in health and education sectors.

He said the government has almost fulfilled its promises to revamp Pakistan's economy.

In wake of the resurgence of COVID cases, The President also appealed to strictly follow the standard operating procedures to prevent the spread of the pandemic.

Speaking on the occasion, Finance Adviser Dr Abdul Hafeez Sheikh said that the economy of the country is now stable and moving forward due to bold steps of the government and economic indicator are encouraging.

The Adviser said that when the PTI government came to power, it inherited a huge debt and this government has made repayment of 5000 billion rupees while the government did not take any loan during last four months. He said that the government is also working on reducing expenditures as after many years while the primary deficit had been turned into a surplus.

He said despite financial difficulties, the government facilitated the businesses in COVID-19 scenario by introducing different schemes for deferring principle payments, loans for salaries, relaxation in energy bills for small businesses and tax breaks for the construction sector.  He said Ehsaas Programme has also been started to give low-interest-rate loans to young entrepreneurs. He said import of wheat was also allowed for avoiding food shortage and a comprehensive package was given to the utility stores for essential food items loan during last four months.

Dr Abdul Hafeez Sheikh said that enhancement of exports plays a key role in the development of any country and the government is working and focusing to increase exports of the country. He said all indicators are being witnessed positive in all sectors of the economy. He said that all possible facilities would be extended to the business community, but they would have to streamline their tax affairs in order to contribute to the national exchequer.

The Adviser appreciated the launching of Financial Pakistan Expo 2020 saying that this will be another step for digitizing the economy of the country.

Governor State Bank Dr Raza Baqir also addressed the event.

Radio Pakistan