Monday December 11, 2023

Cabinet told: Economy recovering from virus effects

August 05, 2020

ISLAMABAD: The federal cabinet was told on Tuesday that there was a positive trend of recovery in the economic process, affected by the coronavirus, and the financial indicators were showing improvement.

In terms of investment, foreign direct investment (FDI) in the country increased by $3 billion, and has seen an increase of 7%. The cabinet was informed that out of Rs701 billion, allocated for Public Sector Development Programme (PSDP), Rs586 billion has been spent so far which will improve the economic activities.

The cabinet expressed satisfaction over significant reduction in current account deficit and increase in remittances as a result of government policies. The forum was told that the number of state-owned enterprises had dropped from 441 to 324 since the reorganisation of the federal government.

The cabinet, which met here with Prime Minister Imran Khan in the chair, was informed that the posts in various institutions, lying vacant for more than a year, had been eliminated. As a result, 71,000 posts had been abolished.

The cabinet was also briefed about the progress made with regard to civil service reforms. Dr Ishrat Hussain, advisor on institutional reforms, presented a progress report on the reform process in government institutions.

The cabinet was informed that the sales tax and withholding tax system had been simplified. Likewise, steps for rehabilitation, automation of SECP, reform process regarding Auditor General, steps taken to facilitate business (Ease of doing business) were also presented in detail.

The National Information Technology Board (NITB) chief executive officer (CEO) presented the board performance before the cabinet and apprised the members of the progress made in digital transformation.

The cabinet approved the appointment of Seema Kamil as State Bank of Pakistan (SBP) deputy governor general. The cabinet approved the Board of Directors of Korangi Fisheries Harbour Authority, Karachi. The cabinet approved renewal of PIA's Regular Public Transport, Aerial Work Licence Class-II (Domestic/ International) and Charter Licence Class-II for two years. The forum sent proposed charter of Pakistan Global Institute Rawat and proposed draft of Islamabad Capital Territory Home Based Workers Protection Bill 2020 to Cabinet Committee on Legislation. The cabinet approved appointment of chairman Pakistan Council of Research for Water Resources, Islamabad. The cabinet approved the appointment of Haris Mahmood Chaudhry as the chief executive officer.