World hails Pakistan's economic growth: Hafeez

By Shakeel Ahmed
ISLAMABAD: Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh said that financial and trade deficit of the country is decreasing, while global organizations are also acknowledging Pakistan’s economic growth.
Speaking at a press conference with Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi, Hafeez Sheikh expressed that the economy has improved markedly this fiscal year. “The current account deficit is decreasing,” he said, adding that last year‘s current account deficit was reduced by 35%.
He apprised that the current account deficit for the first time surged in October.
Financial Advisor said that global institutions like the International Monetary Fund, the World Bank, Moody‘s and the Asian Development Bank have hailed the economic growth of the country. He added that Bloomberg recognized the Pakistan Stock Exchange (PSX) and Moody’s improved Pakistan’s rating from negative to stable.
He said that the country‘s exports are increasing while foreign investment is also on surge. “Last month, Pakistani exports increased by 10% while foreign investment increased by almost 236%”, he asserted, adding that PSX has crossed 40,000 points.
Meanwhile, Federal Minister for Economic Affairs, Hammad Azhar addressing a joint press conference on Tuesday said that economy runs on set parameters and they were doing their best to control the deficit.
Expressing hope, the minister said that Pakistan’s economy is set to take off soon enough.
He added that future was bright and different sectors would see unprecedented growth in the coming months and years.
Touching on the rate of inflation in the country, Azhar said that one of the factors effecting the prices of commodities is the season, seasonal changes play a big part in the prices of the commodities being sold and purchased, he entailed.
He also said that logistical woes also added to inflation but those factors were being worked upon and progress shall be visible in the near future.
Adviser to Prime Minister on Finance Hafeez Shaikh in the same presser said that international organizations were affirming Pakistan’ economic progress.
Sitting alongside the Minister for Economic Affairs Hammad Azhar and FBR Chairman Syed Shabbar Zaidi in Islamabad, Hafeez Shaikh said that Moody’s upgraded Pakistan’s sovereign outlook to stable, which had been negative till the year 2018.