Shaikh urges business community to avail benefits from govt policies

Advisor to Prime Minister on Finance Dr. Abdul Hafeez Shaikh has urged the business community to avail of the benefits from the government pro-business policies.

Addressing the Overseas Investors Chamber of Commerce and Industry at a ceremony in Karachi on Saturday, the advisor was of the view that due to the government’s successful measures Pakistan is moving towards post coronavirus. He said that the country’s exports witnessed an increase in the first month of the current Financial Year, and the production of the different industries has increased including the automobile, cement, fertilizers, and others.

“This shows that we can get out of the Covid-19 in a successful manner

Shaikh said that the government has taken measures to encourage the private sector for economic growth. The government has given various incentives to increase exports, whereas, numerous policies have been formulated to facilitate business, said Shaikh.

Shaikh said that the Coronavirus pandemic badly affected the country’s economy. “Our GDP declined by 0.5pc, our tax revenue reduced to Rs4,000 billion from the expected Rs4,800bn whereas millions of individuals lost their jobs and businesses were shut,” said Shaikh.

The advisor said that the present government wants to provide jobs and also increase the tax revenue to facilitate the public. It is also working on attracting foreign companies to invest in Pakistan, he said.

The government has taken tough decisions to revive the economy, he said. In 2 years, Rs 5,000 billion was saved in government expenditure. informed the advisor. In the last financial year, the government did not provide any supplementary grant, he said.

About the government measures, Shaikh said that under the Ehsaas program 16 million Pakistanis were handed over cash, which reaps good results, as well as the government, also provided loans on reduced mark up rates to facilitate business activities.