Economy out of the woods, PM’s aide tells foreign investors

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ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has said that the government has overcome the immediate challenges to the economy by taking the right decisions.

“The focus has now shifted to accelerating the pace of growth by creating an enabling atmosphere for local and foreign investors,” the minister said while talking to a visiting delegation of foreign investors on Thursday.

The delegation members belonged to various international banks and financial institutions looking to invest in the capital market of Pakistan.

The adviser on the occasion gave the investors an overview of the policy measures adopted by the government in recent months to address issues pertaining to economic slowdown. He also spoke about serval positive outcomes, including an increase in exports, revenue collection, tax base and non-tax revenues.

Dr Hafeez Shaikh further briefed the delegation on various steps taken to improve ‘ease of doing business’ scenario in the country, adding that business facilitation was imperative to attract investment.

“The government has recently ordered an immediate release of sales tax refunds to the tune of Rs22 billion to exporters, besides payment of all income tax refunds to the limit of Rs100,000,” he informed.

The delegation appreciated the intention and practical steps taken by the government to facilitate businesses and improve the environment for encouraging foreign investment in Pakistan’s capital market.

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