Economy picks up, both external, internal sectors showing good performance: Hafeez Shaikh

November 17, 2020: Advisor to Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh said Tuesday that economy of the country has picked up as indicated by the performance of both external as well as internal economic sectors.

“Good news are coming about economy,” the advisor said during a media briefing here. He was flanked by Minister for Information and Broadcasting, Shibli Faraz.

The advisor said that  on internal front, the Large Scale Manufacturing has witnessed around 5 percent growth after a long time, with cement sales increasing up to 20 million tons while there had been considerable growth in products of automobiles and fertilizers.

Hafeez Shaikh said that the exports from the country were increasing while the textile sector has received export orders up to December.

In addition, the rupee has stabilized and in fact has enhanced its value while the foreign exchange reserves held by the State Bank of Pakistan (SBP) has risen up to $13 billion.

On fiscal side, the Federal Board of Revenue (FBR) has collected Rs1340 billion revenues in four months, which is more than the actual target earmarked for the period.

In addition, the board issued refunds of Rs 128 billion  during the four months against the refunds of Rs50 billion during the same period of last year while the total refunds during the last fiscal year stood at Rs248 billion.

He said that the government had reduced its expenditures while there was no borrowings from the SBP while no supplementary grant was issued.

APP