Improving economy: PM seeks out-of-box proposals from his team

ISLAMABAD: Prime Minister Imran Khan Saturday directed his economic team to frustrate the baseless propaganda against economy with facts, enabling people to have a clear picture of the past situation and the current improvement.

Chairing a meeting of his economic team and representatives from various ministries and departments, the prime minister called for out-of-box solutions and proposals to improve economy and consultations with all stakeholders for implementation of workable proposals.

Adviser on Finance Dr. Abdul Hafeez Sheikh, Minister for Economic Affairs Hammad Azhar, Special Assistant to the PM on Information and Broadcasting Dr. Firdous Ashiq Awan, SBP Governor Reza Baqir, Chairman Board of Investment Zubair Gillani and Chairman Ehsaas Programme Dr. Sania Nishtar attended the meeting.

Imran emphasised that economic stability and facilitation to the business community was top priority of the government.

The government team briefed the prime minister on steps taken to improve and stabilise economy.

The forum was informed that positive results had been witnessed as a result of measures taken by the government. These include increase in exports, 38 percent decrease in trade deficit in first two months of current fiscal year, improved tax collection, increased tax net and acceleration in private business activities. He directed various ministries to devise a clear mechanism based on timeline to achieve quarterly targets and accomplishments. Emphasising the importance of agriculture in the national economy and the steps taken by the government to revolutionise the sector, the prime minister said the government had constituted a detailed policy for promotion of all areas of agriculture. He said the need of the hour was to apprise the people of this policy and all the related steps for their benefit. He said promotion of small and medium enterprises was among the priorities of the government.

He called for paying special attention to revival of sick units and plants which were closed due to mismanagement and financial problems in the past.

He called for a vibrant role of the CIRC and improving coordination among all stakeholders including the National Bank, State Bank and other institutions to devise a course of action for revival of sick units.

Referring to the steps taken by the government for promotion of construction sector, the prime minister said the proposal to declare the construction sector an industry and imposition of fixed tax on construction activities in the large cities was being finalised in order to remove obstacles in this regard.

He directed the Chairman Naya Pakistan Housing Authority general (R) Anwar Ali Haider to also consider a proposal for a financial incentives package to promote construction of apartments and encouraging investment in this area.

Chairman FBR Shabbar Zaidi apprised the meeting that tax collection had improved significantly in recent months. The prime minister his appreciated.

Minister for Planning and Development Makhdoom Khusro Bakhtiar briefed the meeting on progress related to implementation of China Pakistan Economic Corridor (CPEC) project.

Expressing satisfaction over the implementation of CPEC, Imran said this project was not only a reflection of Pak-China friendship, but it will have a positive impact on national and regional economy.

Governor State Bank of Pakistan told the premier that during his meetings with exporters, they had not only expressed full confidence in the government policies, but also presented various proposals for export related industry which were being considered.

The finance secretary apprised the meeting that Special Secretary Finance Omar Hamid Khan had been assigned the responsibility of spokesperson for important ministries related to economy and a media cell had been set up at the Ministry of Finance for this purpose.