Govt's Economic Team Briefs Media

Federal government has announced to give 300 billion Rupees concessional loans to the exports and subsidize power and gas tariffs to increase country's exports.

Briefing the newsmen in Islamabad, Prime Minister's Advisor on Finance Dr. Hafeez Sheikh said, the government will also provide 30 billion Rupees for housing of low-income people and boost construction sector.

Highlighting government's economic achievements, the Finance Advisor said, the current account deficit rose into surplus for the first time in October this year.

Dr. Hafeez Sheikh said, international financial institutions and rating companies including Asian Development Bank, International Monetary Fund and Moody's acknowledged Pakistan's economic achievements.

He stated that the Asian Development Bank pledged additional three billion dollar for Pakistan viewing its current economic performance.

Dr. Sheikh said, I.M.F. Team also recommended its board to release next tranche of 500 million dollar to Pakistan.

The Finance Advisor highlighted that Moody's upgraded Pakistan's outlook from negative to stable while Bloomberg acknowledged Pakistan stock exchange's best performance in terms dollars across the world.

Speaking on the occasion, Federal Minister for Economic Affairs, Hammad Azhar, noted that the revenues increased despite decrease in imports worth 5.5 billion dollar.

Chairman Federal Bureau of Revenue Shabbar Zaidi stated that the government is simplifying the tax refund system adding that F.B.R. Released tax refunds of textile sector worth five billion rupees within 72 hours.