'Economy put back on track'

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  • PM invites Lankan President to visit Pakistan   
  • Scheduled to visit Switzeland, Behrain, Malysia next month

News Desk Report
ISLAMABAD: Prime Minister Imran Khan on Tuesday said that the country’s economy was finally heading in the right direction.
In a series of tweets, the prime minister said, “Pakistan economy is finally heading in the right direction as more of our economic reforms bear fruit.”
He said that the country’s current account turned into surplus in October 2019 for the first time in four years. “Current account balance was +$99mn in October 2019 compared to -$284mn in September 2019 and  -$1,280mn in October 2018.”
“For the first four months of our fiscal year our current account deficit has fallen by 73.5 per cent compared to the same period last fiscal year. Our exports of goods and services in October 2019 rose 20 per cent over the previous month and 9.6 per cent over Oct 2018,” he said.
I congratulate our exporters and encourage them to do more, the prime minister added.
Earlier, Adviser to the Prime Minister on Finance Abdul Hafeez Shaikh had remarked that the “dark days are behind us’” as signs of economic turnaround were emerging due to the efforts of the present government for the revival of the economy.
Shaikh said that exports had started to increase due to government’s efforts. He identified various steps taken by the government to revive the sluggish economy, including measures to deal with current account deficit and improve tax collection.
He said the government has recently announced a Rs 200 billion package to facilitate exporters.
“The thrust is being shifted from cheaper imports to offering benefits to exporters,” Shaikh said. “The government has offered a lot of concessions to traders, but there is a need to start from somewhere in respect of the documentation of economy.”
Agencies add: Prime Minister on Tuesday telephoned the newly-elected President of Sri Lanka, Gotabaya Rajapaksa to felicitate him on his election as the 7th President of the Democratic Socialist Republic of Sri Lanka. During the telephonic conversation, he said the election reflected the trust reposed by the Sri Lankan people in the leadership and vision of President Rajapaksa. Prime Minister Khan hoped the country and its people would achieve greater success and prosperity under President Gotabaya’s stewardship. Pakistan and Sri Lanka bilateral relations were also discussed. The two leaders reciprocated each other’s desire to further fortify bilateral cooperation in diverse areas. PM Khan extended a cordial invitation to President Gotabaya Rajapaksa to visit Pakistan, which he accepted.
Earlier on Nov 18, the Sri Lankan president had expressed gratitude to Prime Minister Khan and the people of Pakistan for “warm wishes” on his victory in the country’s presidential poll. “I thank PM @ImranKhanPTIand people of Pakistan for your warm wishes,” he tweeted in response to Prime Minister Khan’s tweet in which he had congratulated the former on his victory in the Sri Lankan Presidential elections.
“I look forward to further enhancing the already warm relations with Pakistan & will endeavour to encourage peaceful and harmonious coexistence and economic progress in the SAARC region,” he added. Meanwhile, Prime Minister will visit three countries next month, Sources told Geo News on Tuesday.
As per sources, the prime minister will visit three countries in December. Prime Minister Imran’s official trip will last from December 15-21. Sources claimed that the prime minister will travel to Bahrain on December 16 on a two-day trip. He will follow that visit up with a trip to Switzerland on December 17 where the premier will address a global conference on refugees. The conference will take place in Geneva.
He will then wrap up his tour by going on a three-day trip to Malaysia on December 19. The prime minister will return to the country on December 21. Malaysian Prime Minister Mahathir Mohammad last came to Pakistan in March this year and addressed a business conference with Prime Minister Imran.