Fiscal prospects improved through better tax, non-tax collection: Abdul Hafeez Shaikh
ISLAMABAD: Advisor to the Prime Minister on Finance Dr Abdul Hafeez Shaikh has said that the government reforms were producing positive outcomes to provide relief to the public.
In a tweet, he said investment and exports were rising now and current account deficit had declined.
The advisor said fiscal prospects had improved through better tax and non-tax collection and stock market was showing growth with rallying.
He further said that ranking of Ease of Doing Business in Pakistan was also going up.
Talking to a local news channel, Special Assistant to the Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan has said that improving economic indicators were the result of the efforts of Prime Minister Imran Khan’s economic team.
She said international institutions like Moody’s were painting a bright future for Pakistan’s economy which totally negated the opposition’s propaganda against the government’s policies.
To a question, Dr Firdous Ashiq Awan said for the first time both the civil and military leadership were on same page.
She said the past regimes had weakened the national institutions but the Pakistan Tehreek-e-Insaf (PTI) government was taking steps to strengthen them.
Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh on Monday announced that Moody’s Investors Service, an American credit rating agency, has upgraded Pakistan’s outlook from ‘Negative’ to ‘Stable’.
“Moody’s upgrades Pakistan’s outlook to B3 ‘Stable’ from ‘Negative’. The upgradation of outlook to Stable is affirmation of the government’s success in stabilising the country’s economy and laying a firm foundation for robust long term growth,” Abdul Hafeez Shaikh tweeted.
“The rating affirmation reflects Pakistan’s relatively large economy and robust long-term growth potential, coupled with ongoing institutional enhancements that raise policy credibility and effectiveness, albeit from a low starting point. These credit strengths are balanced against structural constraints to economic and export competitiveness, the government’s low revenue generation capacity that weakens debt affordability, fiscal strength that will remain weak over the foreseeable future, as well as political and still-material external vulnerability risks,” read a press release issued by Moody’s.