Indicators show economy gaining stability: Hafeez

Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said Wednesday that the economic data of the first quarter of the current fiscal year (2019-20) indicate that country's economy was on growth path and was gaining stability.

The adviser during a meeting with Permanent Representative of Pakistan to the United Nations, Muir Akram, informed him about the positive outcome of the measures taken by the government for the betterment of the economy, according to statement issued by the ministry.

He earlier said the government was trying to absolve existing taxpayers from any additional burden as a visiting staff mission of the International Monetary Fund (IMF) planned to brief a joint session of the standing committees of both parliament houses about the status of its $6 billion support package on November 6. Hafeez Shaikh said the national economy was witnessing stability following corrective measures introduced by the government to address key challenges.

The meeting was led by Mission Chief to Pakistan Ramirez Rigo Ernesto and attended by State Bank of Pakistan Governor Dr Reza Baqir, Secretary Finance Naveed Kamran Baloch and Federal Board of Revenue Chairman Shabbar Zaidi besides other senior officials.

He said the IMF delegation was currently reviewing quarterly economic performance and had expressed confidence over the government's economic policies, including increase in revenues and reduced expenditures. According to him, the two sides discussed tax collection and the government was taking steps for improvement of infrastructure and trying to ensure that taxpayers do not face further tax burden.

Responding to a question, Shaikh said the government had made remarkable progress in ease of doing of business that had been recognised by global institutions and had also extended an incentive package to the export sector to revive it.

Separately, the Senate Standing Committee on Finance led by PPP Senator Farooq H Naik was told that IMF had allocated about onehour interaction with its members and those of national assembly's body on finance and revenue on Nov 6.

This will be perhaps be the first time that IMF mission would hold a joint engagement with finance committees of both the houses. Previously, its interaction had been limited to National Assembly's Committee on Finance or selective members of the two houses.