Economic prosperity impossible sans shifting growth benefits to masses: Hafeez Shaikh

Economic prosperity impossible sans shifting growth benefits to masses: Hafeez Shaikh
Islamabad: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh on Wednesday said that economic prosperity cannot be achieved without transferring benefits of growth to the masses, adding that an inclusive growth is the key to sustainable economic development.

He stated this while addressing “THE FUTURE SUMMIT” through video link. He shared his thoughts on the topic titled “The Future of Pakistan”.

Addressing the Summit, the Adviser Finance stated that Pakistan enjoys natural advantage to its strategic location, agricultural potential, mineral resources, vast coastlines and close proximity to resource rich Central and South Asian States.

During his address, the adviser also outlined government’s policy of opening up local markets for foreign investors and facilitating them for business development and employment generation in the country.

He said that the focus of the present government is on building institutions and streamlining procedures for sustainable economic growth. He shared the details regarding unprecedented reforms introduced by the present Government.

He further said that the Primary and Current Account Balance are positive for the first time.

The government has returned Rs. 5000 billion of foreign loans in 2 years; has given Rs. 250 billion in tax refunds to businesses allowing more liquidity, lucrative packages have been introduced for Export promotion and special package introduced for SMEs.

He said the Rs. 1.2 trillion package given by the government during COVID-19 pandemic is an example of government being sensitive to the sufferings of the people during testing times.

Private sector has to take lead role in providing services and employment in the markets.

This is the way to sustainable development, Adviser concluded.