January 24, 2019: Finance Minister Asad Umar on Thursday said that the Economic Reforms Package was the beginning of implementing the comprehensive strategy to put the country’s economy on sustainable growth path by promoting domestic supplies.
The country could not sustain economic growth in past due to external deficit, because as soon as domestic consumption increases, the current account deficit jumps high, so the reform package had focus on increasing domestic supply and let economy stand on its own feet, he said while briefing the anchors of various electronic channels and media persons on the economic reforms package.
The minister said that the government was facing serious economic challenge when it assumed the power, however, it initiated phase-wise strategy to overcome these challenges.
Initially the government was faced with challenges of economic survival due to rising current account deficit (CAD), so it had to take difficult decisions, which although did not directly benefited people, but were necessary for survival, otherwise the country would have faced losses.
However, the survival was not sufficient and only purpose; the objective was to lead the country towards economic progress and development, so the second phase of government initiatives was aimed at developing a comprehensive framework with the consultations of economic experts on how to lead economy towards sustainable development on long-term basis.
He said that third was the implementation stage, and the reforms package was the beginning of this process. “This is just beginning, the beginning of economic revival,” he added.
Pointing out towards unsustainable economic growth, the minister said that the country could not sustain growth in past due to dependence on imports, so the focus of economic reforms package was to encourage domestic supplies.