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ISLAMABAD: Prime Minister Shehbaz Sharif said in the budget for the next fiscal year more facilities will be provided to foreign investors and the business community.

While presiding over the first meeting of the Economic Advisory Council (EAC), on Tuesday, the prime minister said the government has decided to give key importance to consultation with economic experts and the private sector in the country’s economic policies and reforms.

The meeting held detailed discussions on the country’s economic situation.

Development budget, PSDP: PM directs setting up of Ahsan-led panel

The prime minister said that Pakistan’s economic situation is now better than before. He added “We are working on a mission to facilitate the private sector from day one for the country’s economic development, employment generation and expansion of business and investment.

He stated that due to government policies, the rate of inflation in the country is decreasing. The premier maintained that through governance, steps are being taken to ensure the effects of the reduction in inflation reach the common man.

He said that the positive trend in the stock market reflects the confidence of the business community and investors in government policies.

The prime minister said the upcoming budget will provide more facilities to foreign investors and the business community.

We will increase the number of taxpayers by reducing the tax rate on the common man, he said, adding that steps are being taken on a priority basis for digitisation of the country’s economy.

The prime minister said that in order to increase the per acre yield of farmers, they will be provided quality seeds and fertilisers on time. He said that the government will promote medium- and small-scale industry to save agricultural produce from being wasted.

The prime minister directed to immediately resolve all obstacles in obtaining visas to Pakistan for foreign investors and businessmen.

The meeting was informed that due to investment and business-friendly policies of the government, the confidence of local and international investors is increasing, which is a clear sign of the bullish trend in the stock market. Briefing the meeting on the economic indicators, it was informed that in the third quarter of the current financial year, the growth rate in the agricultural sector was 6.25 percent, which was 2.27 percent last year, the growth rate in the industrial sector and service sector also increased significantly.

The meeting was informed that inflation has come down from 38 per cent to 17 per cent and the government is taking steps on a priority basis to pass on its impact to the common man.

In the meeting, the prime minister was presented with suggestions regarding economic revival and various sectors by the council members. The prime minister directed to prepare and present comprehensive and detailed recommendations on the steps necessary to increase the country’s exports.

Council members Jahangir Khan Tareen, Saqib Shirazi, Shahzad Saleem, Musadaq Zulqarnain, Dr Ejaz Nabi, Asif Peer, Zaid Bashir, Salman Ahmed and Shehryar Chishti attended the meeting.

The meeting was also attended by federal ministers, Ahad Ahsan Iqbal, Ahad Khan Cheema, Muhammad Aurangzeb, Minister of State Ali Pervaiz Malik, Deputy Chairman Planning Commission Dr Jahanzeb Khan, Coordinator to the Prime Minister Rana Ehsan Afzal, Governor State Bank of Pakistan, and senior officials concerned.

Copyright Business Recorder, 2024

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Amran Arshad May 22, 2024 09:51am
P.m sir facilitation is required but Economy needs to stimulate fr that Cut interest rates to 15% Sme sector shd b given 1/2mil cash flow with lower interest and initiate Land Reforms fr overseas pak to sell/lease d land in usd,fr that railway land ,pia and other entities land shd b allocated I blv with these measures fruitful results wd b achvd and taxnet can b enhanced
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Rehan May 22, 2024 10:20am
All lip service. Have been hearing it for decades now from Pakistan's leadership.
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ABDUL QADER May 22, 2024 11:44am
POLYFAX EYE OUT OF STOCK FROM MARKET SINCE LONG TIME. WHAT IS THE REASON
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