ISLAMABAD: Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh on Wednesday said microfinance could help in documentation of economy owing to its outreach.

Addressing a ceremony in Islamabad, he said significant progress has been made in the microfinance sector and now the sector is yielding positive results in the shape of creation of job opportunities and boosting economic activities in the country.

The adviser said microfinance is also proving helpful in providing solutions to many challenges facing the country. He said we have low saving rates in the country however; the microfinance can be helpful to address this issue as well.

He said the government inherited grim economic situation laden with debts. He said the current account deficit was also on its high level but, we are now witnessing economic turnaround as the economic environment is becoming stable due to prudent economic policies of the incumbent government.

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Dr Abdul Hafeez Shaikh said foreign direct investment was significantly increasing which indicated the growing confidence of the international community on improving economic prospects in Pakistan. He said the government was also providing incentives to the exporters to encourage and promote exports.

On Dec 2, Abdul Hafeez Shaikh had said that the government reforms were producing positive outcomes to provide relief to the public.

In a tweet, he had said investment and exports were rising now and current account deficit had declined.

The advisor had said fiscal prospects had improved through better tax and non-tax collection and stock market was showing growth with rallying. He had 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 had on Dec 2 said that improving economic indicators were the result of the efforts of Prime Minister Imran Khan’s economic team.

She had 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.