Economy stabilising owing to govt’s initiatives, says PM Khan

LAHORE: Prime Minister Imran Khan on Saturday said national economy is gradually picking up and stabilising as a result of the government’s initiatives.

He was addressing signing ceremony of Service Level Agreement between Punjab Land Record Authority and major private commercial banks for rapid agriloans.

The Prime Minister said the government had to pay $10 billion in debt repayment in its first year, which brought rupee under pressure. He said the rupee is now gaining and business confidence is improving, while the stock market is also showing positive signs.

Appreciating the scheme of loan provision to small farmers, the prime minister said 95 percent farmers are in dire need of credit, and this initiative will bring a revolution to their life. He said the agreement will benefit the farmers and the agriculture sector, which will improve the overall economy of the country. 

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PM Imran Khan said the government’s economic initiatives are aimed at uplifting the downtrodden and reducing disparity between the rich and the poor. The prime minister said the government is spending about Rs200 billion for welfare of the poor under Ehsas Programme.

He said different schemes and initiatives are also being introduced under the umbrella of Ehsas Programme, including interest-free loans to youth and financial assistant to the needy. He said an accurate database is being prepared so that no deserving is left unattended.

Addressing the ceremony, Governor State Bank Raza Baqir said economic situation has stabilized owing to hard work of a lot of people under the vision of the Prime Minister.

He said the exchange rate is not volatile today and foreign exchange reserves are increasing, adding that international financial institutions are appreciating the steps taken by the Pakistan government.

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The Governor State Bank said stability is a step toward growth. He said economic growth will generate employment opportunities, which will lead to prosperity in the country.

He said the State Bank is working to reduce Income disparity in the country through regularisation and cooperation with banks, and now low-income people will be provided loans.

Earlier, chairing a meeting of provincial bureaucracy and senior police officers, the prime minister stressed that a capable bureaucracy has an important role for economic development of the country. He said there is a need to change the mindset as the old system can no longer work.

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PM Imran Khan directed the bureaucracy to discharge their duties on merit and fulfill the responsibility of serving the masses. He said appointments in bureaucracy and other posts have been made on merit and PTI government has freed officers from any political interference.

He stressed on the need to improve governance and law and order in Punjab. He said efforts should be expedited to bring improvement in the lives of the poor people.

He further said the police department enjoys legal authority but this power should only be used to serve the masses and bring improvement in the lives of the people.