Despite COVID-19, Pakistan economy moving in the right direction, says PM

Prime Minister Imran Khan has said that despite huge debt burden and coronavirus pandemic, the economy of Pakistan is moving in the right direction.

Addressing the Roshan Digital Accounts ceremony in Islamabad on Thursday, PM Khan said that Pakistanis living abroad are a great asset to the country. "Despite all the challenges Pakistan's economy is moving in the right direction,” said PM Khan.

The premier was of the view that unless the rupee strengthens, the economy will not strengthen because when the currency falls, so does investment.

“Investment decline due to currency fluctuations so the only long term solution is to increase exports, and I would like to appreciate the Ministry of Commerce as we have seen record improvements in our exports which occurred during the coronavirus lead economic slowdown,” said PM Khan.

He informed that the current government has repaid ‘record loans’ in Pakistan's history, repaying $20 billion in two and a half years. PM said that despite repaying loans, economic indicators are stable.

The Prime Minister said that Pakistan’s exports have increased more than the regional competitors especially the country’s textile sector is booming.

While addressing Governor State Bank of Pakistan (SBP) Reza Baqir, the Prime Minister said that the central bank should concentrate on resolving the issues of Overseas Pakistani.

“I would like to urge the central bank to look for new ways to attract Overseas Pakistani i.e. focus advertising would help in increasing the numbers of Roshan Digital Account because a lot of people still are unaware of this initiative,” said PM Khan.

Addressing the commercial banks, the Prime Minister said that the banks have a vital role to play in fulfilling the government's economic vision. He said that the banks should promote the Naya Pakistan Housing Scheme and Small and Medium Enterprises (SMEs).

“Earlier, we didn't have any concept of mortgage banking because there were issues pertaining to foreclosure laws,” stated the PM. He said these two sectors have been the potential to accelerate economic growth.