PM Khan appreciates his team’s economic performance as FDI and exports increase exponentially
The current account deficit was recorded at the lowest in 41 months, measured at $259 million.
Prime Minister Imran Khan appreciates his team for their performance and turning around the national economy ‘within a year’. PM made these remarks based on a significant increase in FDI (Foreign Direct Investment), exports and remittances. With that, a sharp decline in the current account deficit was also witnessed.
Speaking on the incumbent government’s economic performance so far, Prime Minister shared some data along with graphs depicting the productivity so far. According to the shared statistics, FDI had surged by 111.5% and the foreign private investment by 194% during the initial first year.
It is a great achievement of our economic team to turn around the economy within a year pic.twitter.com/4j8za4uSMe
— Imran Khan (@ImranKhanPTI) October 18, 2019
Not just this, the current account deficit was recorded at the lowest in 41 months, hitting $259 million from $1.27 billion. The data further showed that exports have also increased by 5.9%, while imports witnessed an 18.6% decline.
”Harsh steps taken by the government have improved the country’s economy”
Hafeez Shaikh, the adviser to PM on finance, revenue, and economic affairs, in a press conference, said that due to the government’s well-thought and rigorous steps to curb down expenditures, a positive impact has been witnessed.
As part of the austerity drive, the cabinet members received a significant salary cut. The budget for the army was kept stagnant and the Prime Minister’s office also cut down its expenditures.
”We tried to increase our revenue and brought 0.8 million people under the tax net. We tried to increase exports and production so that people are able to benefit,” Shaikh said.
He also said that the government’s two big deficits have declined. The trade deficit has gone down to $5.7 billion from the previous $9 billion. On the other hand, the fiscal deficit has also declined by 36%, decreasing from Rs. 738 billion to Rs. 476 billion in the first quarter of the ongoing fiscal year.
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