Economic road map discussed

The government is in the process of preparing a road map to increase economic activity and to provide relief to the common man and increase economic activities for job creation. This was stated by Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh, after he along with Minister for Planning, Development and Reform Khusro Bukhtiar and Advisor on Commerce and Textile Abdul Razak Dawood met with Prime Minister Imran Khan and discussed economic road map on Saturday.
The adviser on finance stated that there were three to four basic objectives of the meeting and first and foremost was to assess the overall economic situation and especially the performance of all the ministries, including ministries of commerce, industries, revenue, planning and others, was reviewed. The idea was to prepare a road map for the entire economy for taking all decisions about all the ministries whether it is about agriculture ministry to increase agricultural productivity, or completion of big dams or road projects or how special economic zones are to be made effective to attract foreign direct investment.
He said that all the decision-making should be carried out under this road map and economic team would meet under the chairmanship of the Prime Minister on a weekly basis and present all the decisions to him for informed decision making. He said that some decision-making is taken on a regular or daily basis and the government wants;(i) that subsidy on electricity and gas is provided to the business community actually; (ii) facilitate the business community in access to loans; (iii) business community is least affected by the revenue mobilisation effort and all this decision-making would be taken in consultation with business community.
The advisor on finance said that the government also wants to make sure that decline in oil prices in the international market is passed on to the end consumers. He said that Rs 950 billion has been earmarked for development programme and the Prime Minister decided that all the mega development projects should be monitored on regular basis to provide benefit of economic development to the common man. Additionally, he stated that Rs 192 billion has been earmarked for weaker segments of society for cash transfers and provision of 'Sehat Card' and Rs 262 billion for subsidy on electricity to protect the most vulnerable consumers, who use below 300 units monthly, against increase in electricity tariff.
The advisor said that there is some good news on economic front with 9 percent increase in stock market, an increase in exports after a long time and decrease in current account deficit and all this motivates to provide benefit to the public.
An official said the meeting that lasted over three hours took stock of overall economic situation as well as increase in prices of commodities and how to provide relief to people with some arguing that even a modest increase in policy rate would not augur well for country's economy.