Signs of economic turnaround start emerging: Hafeez

Adviser to the Prime Minister on Finance Abdul Hafeez Shaikh said 'dark days are behind us' as obvious signs of economic turnaround are emerging due to efforts of the present government for the revival of the economy.

Speaking with chief executives and representatives of multi-national companies at the Overseas Investors Chamber of Commerce and Industry, here on Saturday, he said exports had started to increase due to government's efforts. He spelled out various steps taken by the present government to revive the sluggish economy, including measures to deal with current account deficit and improve tax collection. The adviser explained that there is zero tax on exporters, however, taxes have to be paid on local sales. He said the government has recently announced a Rs 200 billion package to facilitate exporters. He said thrust is being shifted from cheaper imports to offering benefits to exporters.

He said the government has offered lot of concessions to traders, but there is need to start from somewhere in respect of the documentation of economy. He expressed the hope for further progress towards this end from January onward. Abdul Hafeez Shaikh said though it is going to be challenging, there is need to stay on course, adding that the country's willingness to self-discipline is being acknowledged, and the International Monetary Fund has also expressed satisfaction over the steps for economic stability. The adviser said the government has announced various programmes as safety net to help vulnerable segments to mitigate impact of inflation.He said many subjects of quality life such as healthcare, quality education, poverty alleviation and women protection come under the ambit of provincial governments.