Shibli dispels impression of wheat shortage
our correspondent
ISLAMABAD
Advisor to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh has said that the economy of the country has picked up momentum as indicated by the performance of both external as well as internal economic sectors.
“Good news is coming about the economy,” the advisor said during a media briefing here on Tuesday along with Minister for Information and Broadcasting, Shibli Faraz.
Dr Abdul Hafeez Shaikh said that 40,000 tons of wheat is being released daily to keep the flour price under control. He said that prices of flour have shown a declining trend in the last three weeks while rates of edible items are also coming down.
Giving an overall picture of the economy, the advisor said tax collection witnessed a surge of 17 percent, primary balance turned positive, foreign direct investment increased and the current account deficit became surplus for the first time in the last several years.
He said the government has not taken any loan in the last four months which shows its untiring efforts to maintain financial discipline.
He said that large scale manufacturing recorded a growth of five percent along with massive sale of cement, automobiles and fertilizers. He said that State Bank’s reserves have gone to $13 billion.
On the fiscal side, Dr Abdul Hafeez Shaikh said that the Federal Board of Revenue collected taxes more than the targeted amount while refunds worth Rs128 billion were paid back to the business community which is one hundred percent higher than the previous year.
The advisor said that the government increased the budget of the Ehsaas Programme from Rs100 billion to Rs192 billion in the wake of Covid-19 pandemic. He said that earlier 4.5 million poor people were catered for under this programme but now the government is aiming at enhancing this number to seven million people.
He said that under this programme, cash assistance will be provided to the deserving people. He added that over Rs100 billion were allocated for the development of the merged districts in Khyber Pakhtunkhwa. He said that subsidies are also being provided to 72 percent of electricity consumers, 92 percent gas users, and 100 percent agricultural tube wells.
Speaking on the occasion, Federal Minister for Information and Broadcasting Syed Shibli Faraz dispelled the impression of any shortage of wheat, saying a sufficient stock of the commodity is available in the country. He said that existing stock of wheat is 4.2 million tons, while another 1.9 million tons is reaching Pakistan soon.
He said all the agreements to import wheat through Trading Corporation of Pakistan and government to government will be materialized by February next year. He said that sugar is also available at subsidised rates at outlets of Utility Stores Corporation and Sahulat bazaars.
Talking about the decision taken during the cabinet meeting, he said the federal cabinet approved waiving duty and tax on the import of Covid-19 preventive products.
He said the cabinet gave the go-ahead to the establishment of Pakistan Medical Authority. It also approved extending the online visa facility to 16 more countries.
The federal cabinet green-lighted the appointment of the Islamabad Wildlife Management Board’s chairperson and deferred a decision on the issuance of a notification regarding members of Paris Council Pakistan.
It also deferred the re-constitution of state-owned Pakistan Television (PTV) Corporation’s board of directors.
The cabinet endorsed the decisions made by its Economic Coordination Committee in its October 28 and November 5 meetings and the October 21 and November 5 decisions of its committee on legislation.
The meeting deferred endorsement of the October 19 decisions of the cabinet committee on institutional reforms and approved the appointment of the National Medical Dental Board’s chairman.
