Exports surge 9.6pc in Oct, PM’s aide says

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Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said on Tuesday the country’s exports registered a 9.6 per cent increase in October.

“Exports of Goods & Services increased by 9.6pc in Oct 2019,” he said in a tweet. “To provide easy working capital & funds for expansion, Govt & SBP will give additional Rs 300B[illion] in subsidised financing to exporters & Rs 30B will be given in cash instead of promissory notes issued against tax refunds,” he added.

A day earlier, Dr Shaikh had said the current account deficit shrank by a massive 63.1 per cent in the first quarter of the current fiscal year.

Talking to anchorpersons in Islamabad, Hafeez Sheikh had said that trade deficit fell by 33.5 per cent during the first quarter of FY20. He also noted that exports increased by 3.8 per cent during the period.

The finance adviser had said that the government has taken concrete measures to eliminate circular debt by December 2020, adding that the economy has been put on the upward trajectory of progress and development.

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