ISLAMABAD: Federal Minister of Finance and Revenue Hammad Azhar said that despite the challenges, the country’s economy was in much better shape than it was in 2018 when the current government took over. power.
Addressing a live call with Prime Minister Imran Khan, the Federal Minister said there was no doubt that challenges were there, but there was a sea of difference between the Pakistan of 2018 and the Pakistan today. He said that in 2018 the country was on the brink of collapse, but today Pakistan, even after the outbreak of the COVID-19 pandemic, was making progress on the path of growth and progress. ‘a better way and was well ahead of the growth forecast.
He said that in 2018 the economic indicators were in a worse state and could not be shared with the public through the media due to their negative impact. If we had openly told people about these indicators, it would have created a crisis in the currency market and the stock market, he said and noted that the country was practically on the verge of default.
Foreign exchange reserves were nearing completion and the existing US $ 7-8 billion, which was in the State Bank, were reserves on the basis of short-term loans, which had to be repaid in two to three months. In this condition, added the minister, the government had to make difficult decisions and had to devalue the currency and raise interest rates. Subsequently, these decisions started to pay off and the historic current account deficit the government inherited turned into a surplus after 17 years.
After that, global organizations, which had previously downgraded the economy, began to modernize it a year after the current government took power. He said that in the midst of the path of economic recovery, economic recovery was successfully unfolding as the COVID-19 pandemic hit the world and squeezed economies by 5-10% including India, UK and in other countries.
However, he said, Pakistan experienced a contraction of only 0.4% in economic growth due to the cautious policies of the government which made the right decision at the right time to save people’s lives as well as their families. means of subsistence.
We moved forward with proper strategy and did not blindly follow western policy and our economy only suffered a 0.4% contraction and that was also recovered very early on, he added.
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