Ministry of Finance Rejects Media Reports of Economic Decline - Android

The Finance Ministry has rejected the false claims and impressions that Pakistan’s economy is shrinking. Some media outlets were reportedly… Read More

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The Finance Ministry has rejected the false claims and impressions that Pakistan’s economy is shrinking. Some media outlets were reportedly spreading misinformation that the country’s economy is declining.

In a statement, the ministry has asserted that the macroeconomic adjustment policies introduced by the government to support the balance of payments and strengthen the market confidence will help achieve inclusive growth.

“The contention of a section of the media talking about “shrinking economy” seems incorrect as the early signs of recovery of economic activities in the fiscal year 2020 are very much encouraging,” said the statement.

The ministry says that for inclusive growth and to protect vulnerable segments of the society, various social protection programs have been introduced.

On the agricultural front, the federal government is implementing the “National Agriculture Emergency Programme” and has approved eight mega projects at a cost of Rs. 235 billion, said the statement.

Under Poverty Alleviation, the government has allocated an additional amount of Rs. 80 billion in the country’s social protection spending for the current fiscal year, which has reached a cumulative Rs. 190 billion.

The statement says that tax collection during the first quarter of the current fiscal year has been 16 percent higher than the same period last year. The finance ministry said that 90% of the revenue collection target has been achieved despite huge import compression.

The IMF agreement is based on broader policy reforms to address the issue of macroeconomic instability stemming from budgetary and current account deficit. Most of the targets are related to the initiation and continuation of structural reforms which include various policy, administration, and enforcement intervention said the statement.

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