November 26, 2019: Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh says government has restored macroeconomic stability in the country and a current account and primary balance surplus, booming stock market and stabilized exchange rate are clear signs of economic recovery.
Addressing the inaugural session of 'Pakistan Innovative Finance Forum', in Islamabad on Monday, he said due to tough decisions taken by the government, cutting down government expenditure, restoring fiscal discipline, incentivizing exporters and narrowing the historically high current account deficit helped restored the macroeconomic stability.
The adviser pointed out that it was for the first time in many years that the country had a current account surplus as well as a surplus primary balance on the fiscal side.
He said we have a renewed interest from international community in the Pakistan market and in the last four months, investment in the Pakistani bonds from outside investors has touched billion dollars while foreign direct investment in the same period has also increased by more than 200 per cent.
The Adviser also cited the 16 per cent growth in revenue collection which had been 20 per cent if the import compression factor had been accounted for, in the last four months.