FDI, tax base increased due to economic policies: minister

ISLAMABAD: Minister for Economic Affairs Hammad Azhar has said current account and fiscal deficits have decreased, while foreign direct investment and tax base of the country have increased due to prudent economic policies of the government.

Addressing a news conference, the federal minister said current account deficit in the first quarter of the current fiscal year has decreased by 65 percent while the fiscal deficit declined by 50 percent.

He added that primary budget balance noted a surplus of 385 billion rupees, foreign investment of 350 million dollars came to Pakistan, and foreign exchange reserves witnessed an increase of 650 million dollars.

He said collection of Federal Board of Revenue increased and tax base enhanced by 55 percent, and growing circular debt brought down from 38 billion to 12 billion rupees per month.

The federal minister said Ease of Doing Business index improved by 28 points and stock market witnessed a growth of 6500 points. He said Public Sector Development Programmes releases have been doubled and exports are also improving.

He said exports of ready made garments increased by 38 percent, bedware 23 percent, rice 52 percent and footwear 54 percent.

Responding to a question, the minister said government is introducing reforms and automation in Federal Board of Revenue but none of the employee is being deprived of job. To another question, he said federal government is collaborating with provincial governments to control food items prices.