‘Economy moving on the right track’

By Ali Imran

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin Monday said the prudent policies adopted by the present government had stimulated economic recovery amid COVID-19 pandemic.
“Economy is heading in the right direction. The enhanced revenue collection along with improved ratings (Business Confidence Index and by international credit rating agencies) indicate that economy has gained momentum and is geared towards an inclusive and sustainable economic growth,” he said while presiding over a meeting to review the trade balance situation here at the Finance Division.
Federal Minister for Economic Affairs Division Omar Ayub Khan, commerce, information technology, Finance Division secretaries, Governor State Bank of Pakistan Dr Reza Baqir, Board of Investment executive director general and other senior officers participated in the meeting.
Adviser for Commerce Abdul Razak Dawood participated through a video link. The commerce secretary briefed the participants about the trade balance situation over last two months.
Considering the expansion in economic activity, import of one-time items like vaccine for COVID-19 as well as increased demand for raw materials had resulted in increasing imports during July and August, 2021. The finance minister said economy was in a state of growth. As economy registered a growth rate of 4% during fiscal year 2021, there was an increased demand for imports.
As long as trade deficit was within a sustainable level, it would stimulate economic recovery, he added. He stressed upon the Ministry of Commerce to conduct sensitivity analysis and build scenarios for effective forecasting both in imports as well as exports for each month of the year.