Country heading towards economic stability: Faraz

ISLAMABAD: Federal Minister for Information and Broadcasting Shibli Faraz has said that State Bank of Pakistan’s (SBP) foreign reserves have increased to $12.5 billion from $8 billion due to prudent economic policies of the government, adding that the country is heading toward economic stability.

Briefing the media about the decisions taken in the federal cabinet meeting on Tuesday, the information minister said when the Pakistan Tehreek-e-Insaf (PTI) government came into power, the current account deficit was $20 billion and in two years the government has brought it to $3 billion.

He maintained that the fiscal deficit stands at 8.1 per cent, saying due to effective economic policies, Moody’s confirmed Pakistan’s B3 credit rating with a stable outlook.

The minister said that under the Ehsaas programme, the government has distributed financial assistance to 15 million families. He said that the government adopted the policy of reducing imports and increasing exports, which resulted in the strengthening of the country’s economy.

Faraz said that the cabinet was apprised of the historical relief package for the construction sector, saying resumption of construction activities will create jobs. He said that Prime Minister Imran Khan was informed that Rs891 million have been paid to the media for their outstanding due on the account of advertisements.

He said that under the anti-encroachment drive of the government, illegal constructions on Srinagar Highway were retrieved and trees were planted.

The minister said the world is giving examples of Pakistan the way it dealt with the coronavirus pandemic. Faraz said that those who chanted the slogan of strict lockdown are not visible at present. “By the grace of Allah Almighty, coronavirus pandemic caused less damage to our country than other countries,” he said.

He said that the federal cabinet also decided to celebrate Independence Day on 14th of August in a befitting manner.

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