Advisor on Finance Abdul Hafeez Sheikh defended the federal government’s economic policies while addressing the National Assembly and said that Pakistan had to learn hard lessons from the mistakes it had made in the past in order to outpace other nations as a developed and sustainable economy.
Speaking at a session of the National Assembly in Islamabad on Wednesday afternoon, Sheikh said that he had served in the country’s administration on several occasions but had not seen any ruling party make difficult economic decisions as the Pakistan Tehreek-e-Insaf government has done in the past 18 months.
Sheikh emphasised that“We cannot have a country where the population is underdeveloped; if we want to prosper we have to invest on the people.” Further, he said the importance of unstable political situation in the country playing a part in destabilising the economy. The countries that have made progress have found a way to sell their products globally to develop a business-friendly environment.
“Pakistan in its entire history failed to establish a tax collection system in 72 years and have remained dependent on other countries, The economy is directly affecting the masses even though the government is working on maintaining financial stability,” he said.
Sheikh said if the current government don’t introduce corrective measures to secure loans, it is possible that they would fail as well. “We also decided to provide our exporters with cheap loans, and imposed zero tariffs on 1,607 lines of raw material, all these measures resulted in the growth of exports.”
“Our first goal, was to save Pakistan from the default because if happened it will be detrimental to the citizens of Pakistan,” he said.
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09 April, 2020