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Markets

Economy improving despite hindrances by opposition: Shibli

  • The minister said the improving economy had a positive effect on the lives of the people as it would create more jobs and bring prosperity.
17 Nov 2020

ISLAMABAD: Minister for Information and Broadcasting Senator Shibli Faraz on Tuesday said the economy was improving despite difficulties because of the coronavirus and the opposition's attempts to create hindrances in the way of the government.

Speaking at a press conference along with Advisor to the Prime Minister on Finance and Revenue Abdul Hafeez Shaikh, he said there was a good feel factor in the market as the economy's basic indicators are improving.

The stock exchange was performing well, the foreign direct investment was increasing and the large scale manufacturing was on the rise, he added.

The minister said the improving economy had a positive effect on the lives of the people as it would create more jobs and bring prosperity.

The economy was badly affected by the coronavirus pandemic but in spite of the difficulties the government took measures to bring financial stability.

Shibli clarified that there was no shortage of wheat as 1.9 million tonnes of imported commodity was on the way while there were reserves of one million tonnes.

More imported wheat would reach the country by February and then with harvesting of the new crop it would will be in surplus, he added.

He said the wheat price had declined while the imported sugar was available to the consumers in the market at Rs. 83 per kilogram and at the Utility Stores at Rs. 68 per kg.

The government was trying its best to keep the prices of sugar and wheat low, he stressed.

He said the rupee had strengthened against the dollar.

The minister said Prime Minister Imran Khan he was honest and sincere as he had inherited nothing in politics from anybody.

He said the opposition was trying to protect its corruption through agitation.

It could follow the process for redressal of its complaints and approach the Election Commission for the purpose.

After losing the election in Gilgit Baltistan, it was childish to resort to agitation and Bilawal Bhutto should show maturity, he added.