The Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, addressed The Future Summit via video link today and shared his thoughts on the topic ‘The Future of Pakistan’.
The adviser said that Pakistan enjoys a natural advantage with its strategic location, agricultural potential, mineral resources, vast coastlines, and close proximity to resource-rich Central Asian and South Asian states.
He remarked that economic prosperity cannot be achieved without transferring the benefits of growth to the masses and that inclusive growth is the key to sustainable economic development with far-reaching benefits for all.
Dr. Shaikh also outlined the government’s policy for establishing local markets for foreign investors and facilitating them for the development of businesses and the generation of employment in the country.
He stated that the focus of the present government is on building institutions and streamlining procedures for sustainable economic growth, and shared details about the unprecedented reforms that it has introduced.
He also announced that the Primary and Current Account Balances are positive for the first time. The government has returned Rs. 5,000 billion in foreign loans in 2 years and has given Rs. 250 billion in tax refunds to businesses, thus ensuring more liquidity. Additionally, lucrative packages have been introduced for the promotion of exports and special packages have been introduced for SMEs.
The adviser added that the Rs. 1.2 trillion package that was given by the government during the COVID-19 pandemic is an example of its sensitivity to the sufferings of the people during testing times.
“The private sector has to take a lead role in providing services and employment in the markets. This is the way to sustainable development,” he concluded.