PM’s aide announces Rs 200bn exports promotion package

ISLAMABAD: The government had decided to announce a package of Rs 200 billion for exporters to promote exports besides increasing production and job opportunities in the country, Adviser to Prime Minster on Finance and Revenue Dr Abdul Hafeez Shaikh said on Monday.

Addressing a press conference here, the adviser said the State Bank of Pakistan had also decided to increase loans for exporters by Rs 100 billion. Shaikh was flanked by Special Assistant to Prime Minister on Information Dr Firdous Ashiq Awan, Minister for Economic Affairs Hammad Azhar and Chairman Federal Board of Revenue (FBR) Shabbar Zaidi.

The PM’s aide said the government had also decided to allocate additional Rs 250 billion to resolve the problem of circular debts in power sector. Furthermore, the government, he said, had allocated an additional Rs 30 billion for “Naya Pakistan Housing Scheme” and the amount would be utilised for various subsidies to builders. He said stakeholders involved in construction sector would also be given special tax concession.

Shaikh said during first fourmonths of current fiscal year, the government had achieved remarkable successes on economic front as the trade deficit continued to reduce resulting in increase of foreign exchange reserves.

He said after a big gap of five years, the country’s exports had started increasing now by 4 per cent besides, he said, the FBR’s tax revenues had also grown by 16 per cent in four months compared to the same period of last year.

The adviser pointed out cement production also increased by 4.5 per cent which was evident of the fact the country’s construction sector was growing.

He said Pakistan’s economic sector had comfortably stabilised now which was being endorsed by international institutions, including the International Monetary Fund (IMF) and the World Bank. He informed that after successful dialogue with the IMF, it had approved release of second tranche of US $450 million.