Abb Takk News

Hammad Admits Inflation Rate Soar Up During PTI Govt

ISLAMABAD: Minister for Economic Affairs Hammad Azhar has admitted that the inflation rate has been risen up during PTI government.

The federal minister mentioned that Pakistan Tehreek-e-Insaf (PTI) led government achieved massive success when it resolved the $1.2 billion award against the country in the Karkey case, announced by International Centre for Settlement of Investment Disputes (ICSID) in August 2017.

said current account and fiscal deficits have decreased, while foreign direct investment and tax base of the country have increased due to prudent economic policies of the government.

Addressing a news conference in Islamabad on Tuesday, he said current account deficit in the first quarter of the current fiscal year has decreased by 65 per cent, fiscal deficit declined by 50 per cent, primary budget balance noted a surplus of 385 billion rupees, foreign investment of 350 million dollars came to Pakistan, and foreign exchange reserves witnessed an increase of 650 million dollars.

He said the collection of Federal Board of Revenue increased and tax base enhanced by 55 per cent and growing circular debt brought down from 38 billion to 12 billion rupees per month.

He said ease of doing business index improved by 28 points and stock market witnessed a growth of 6500 points. He said Public Sector Development Programmes’ releases have been doubled and exports are also improving.

He said exports of readymade garments increased by 38 per cent, beware 23 per cent, rice 52 per cent and footwear 54 per cent.

Responding to a question, the Minister said the government is introducing reforms and automation in Federal Board of Revenue but none of the employees is being deprived of a job.

To another question, he said the federal government is collaborating with provincial governments to control food items prices.