The three years in power of the government, an “economic success”
Prime Minister Imran Khan said on Friday that despite the worst balance of payments crisis in 2018, economic problems due to Covid-19, high commodity prices in the international market and the direct and indirect impact of the crisis humanitarian aid in Afghanistan, Pakistan is expected to achieve economic growth of over 4%. – which was a great success.
“Since we have inherited a huge circular debt, anti-export policies, unstable financial conditions, a less competitive business environment and weaker incentive policies for the private sector, the three years of the current government are economic success, ”he added.
He expressed these views while chairing a meeting of the Macroeconomic Advisory Group in Islamabad.
The meeting was attended by Federal Ministers Shaukat Tarin, Hammad Azhar, Ch. Fawad Hussain, Asad Umar, Khusro Bakhtiar, Syed Fakhar Imam, Minister of State Farrukh Habib, Advisor to Prime Minister Abdul Razzak Dawood, Special Assistants of the Prime Minister Dr Sania Nishtar, Dr Shehbaz Gill, Governor of State Bank Reza Baqir and relevant officials.
The Prime Minister said that compared to other countries in the region, Pakistan has demonstrated an exceptional performance in the face of Covid-19.
He said the government’s policy on smart lockdowns, incentives for the construction industry, social protection program and subsidies for small and medium-sized enterprises (SMEs) had helped move the economy forward. at a sustainable rate – a fact also appreciated by analysts globally.
During the meeting, a comprehensive review of the overall economic situation of the country, the measures taken by the government to minimize the impact of the increase in the price of essential items and the economic achievements of the government over the past three years have been presented.
The meeting was announced due to the strong measures taken for economic stabilization after successfully emerging from the fiscal crisis inherited from the previous government, Pakistan, compared to other countries in the region, achieved more economic progress even during the COVID-19 situation.
It was said that with 25 percent growth in exports and the largest ever 38 percent increase in tax revenue, the country also saw a 27 percent increase in remittances.
In addition, the meeting was informed that with record incomes in the agricultural sector – transfer of additional income of Rs.1.1 trillion to farmers, record profit of Rs.9 trillion in industrial sector, development of technology sector information (TI) due to government policy and after the success of tariff negotiations with independent power producers (IPP), a decline was also observed in the monthly [power] circular debt.
In addition to the above, the government kept its promise of a welfare state by launching the largest social security program under Ehsaas, made institutional reforms and successfully complied with the terms of the Action Group. (FATF) which have prevented the country from entering the blacklist.
The meeting was also presented with proposals to mitigate the transfer of the effects of high global commodity prices to ordinary people.
The proposals included increased incomes, the purchasing power of the population, subsidies focused on the middle and lower income classes and the expansion of the social safety net.
The Prime Minister asked the relevant departments to coordinate and implement long and short term plans for further improvement of both the macroeconomic situation of the county and the improvement of the economic situation of the people.
Meanwhile, Imran Khan said on Friday that the government was focusing on providing an appropriate amount of fertilizer for maximum wheat production to ensure food security in the country.
He chaired a meeting on the demand and supply of fertilizers, especially urea in the country.
He said 25,000 tons of urea were produced in Pakistan every day, which was enough to meet the needs of the agricultural sector.
He warned that those who created an artificial urea shortage would be treated with iron fists.
He noted that record crops of wheat, sugarcane, cotton and corn were produced in the country last year.
Due to the government’s pro-agriculture policies during the year 2020-2021, farmers earned additional income of Rs 822 billion, he added.
Farmers increased their purchases of urea because of the income they received from it, he observed.
He said the availability of urea for farmers, especially in the next three weeks, was very important to get a bumper wheat crop.
The prime minister ordered relevant officials to take all possible measures to establish an efficient urea supply chain for Rabi crops.
He called on the provincial chief secretaries to take effective measures to stop the hoarding and smuggling of fertilizers, through the district administration and to end the purchase of fertilizers through intermediaries outside the normal supply chain.
He called on officials to work with all stakeholders, including fertilizer manufacturers, so that urea supplies can be assured to farmers for a bumper wheat crop this year.