FROM MENAHILL RASHID
FAISALABAD: Continuity of policies is imperative for sustained economic growth and business community must openly support Prime Minister Imran Khan as he successfully dragged out Pakistan from daunting challenge of corona followed by supply chain related problems, said Mr. Farrukh Habib State Minister for Information & Broadcasting.
Addressing the 2nd day function of Pakistan Economic Conference (PEC) – 2022 organized by the Faisalabad Chamber of Commerce & Industry (FCCI) here today, he said Pakistan has attained 5 percent growth only because of the prudent and viable policies of the government. However, sustainability of this growth is important and in this connection, private sector has to play its pivotal role.
He termed private sector as the growth engine and said that role of government is to facilitate and provide an enabling environment and in this connection it has developed a close workable and productive liaison with the business community during last three and half year.
He said that the current account deficit was around 20 billion when this government came into power. The situation was more critical as we have to pay back loan installments of Rs.3000 billion. Similarly the tax collection was also stagnant at Rs.3800 billion.
He said that the stance of PTI government is business friendly and it had established liaison with exporters before coming into power. “We are proud that first textile policy formulated by the business community was adopted by the PTI government. We tried our best to correct the imbalances and disparity between the industrial sector of different provinces”, he added.
He said that we also ensured gas supply to export sector at 6.5 cent per MMBTU which played a key role in enhancing exports and “In Sha Allah” during this year we are expecting to earn 21 billion dollars from textile exports.
He said that different steps were taken to compensate the negative impact of COVID and proactive Monetary Policy was announced to give impetus to the industrial sector.
“State Bank of Pakistan announced special pay package while Rs.450 billion was disbursed under TERF (Temporary Economic Refinance Facility)”, he said and added that under this scheme industrialists are importing new machinery and technologies at subsidized rates.
He said that it is second consecutive year that our current account deficit remained below 500 million dollars. “Similarly, imports were also recorded 18 percent decrease”, he said and added that the government was not borrowing loans from State Bank of Pakistan while this amount is now being provided to the private sector under TERF and SME policy at subsidized rate.
Continuing, he said that ministers were not available during the tenure of last government but now they are available at a phone call to resolve problems of business community.
He said that the government is fully focusing on the uplift of youth. “We are trying to produce entrepreneurs instead of job seekers”, he added.
As a result of our policies, we are expecting to earn 38 billion dollars from the export of services and goods, he said and mentioned a special stimulus package for the industrial sector. Under this arrangement, Rs.50 billion is being provided to subsidize the electricity for the export sector, he added.
He said that Pakistan is included among the three countries which have successfully come out from the negative impact of corona and NCOC has declared Pakistan a corona free country as we have successfully vaccinated our entire population.
He said that earlier we are exporting 120 to 150 items to China under Free Trade Agreement (FTA) but now during second phase of this agreement the number of these items has been increased to 350.
He said that it is the second year that we harvested bumper crops. “As we have produced 2 million tons extra sugar, hence its price has decrease to Rs.70 per kg”, he added
He said that under construction package Rs.192 billion loans were doled out on December 20, 2020 which has recorded an increase of Rs.170 billion. Under amnesty scheme, the projects worth Rs.600 billion have been registered which would generate economic activities of Rs.7000 billion in addition to creating 1.2 million jobs.
He said that the government was constructing 10 dams to provide cheap electricity in addition to enhancing water storage capacity of 1300 million acres feet.
Earlier, Mr. Atif Munir Sheikh President FCCI and PEC Organizer Mr. Azhar Chaudhary welcomed the guests and appreciated the participants, speakers and panelists.
