Economic challenges due to past regimes to be overcome: Hammad

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Hammad

From Business Correspondent

ISLAMABAD: Minister of State for Revenue Muhammad Hammad Azhar yesterday assured the Senate that the government would improve the economy with the implementation of its reforms agenda.

Replying to a point of public importance on the country’s economic condition, the minister said due to poor economic policies of the past regimes, Pakistan was facing several challenges, which would, however, be overcome by the present government.

He said in the supplementary budget 2018, the government had taken several innovative steps for streamlining the economy. It would be able to overcome the fiscal deficit and improve the country’s economic situation, besides changing the life of common man, he added.

He questioned as to why the Pakistan Peoples Party and the Pakistan Muslim League-N were opposing the decision of present government to approach the International Monetary Fund while their past governments had obtained loan from the international lender. The poor economic policies of the past regimes had destroyed the national economy, which compelled the present government to opt for the IMF facility, he added.

The minister said the past governments had failed to raise tax to gross domestic product ratio and their poor policies had pushed the country in the dependency trap. They neither could increase the country’s exports nor decrease imports, while the fiscal deficit reached Rs 2,000 billion.

He said the PML-N had always supported the privatization policy.

The minister mentioned that yesterday the stock market witnessed a recovery while the dollar was at Rs 133. Minister for Finance Asad Umar had told the parliament many times that options, including approaching the IMF, for improving the economy were open, he added.

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