Rising Performance graph of Pakistan's Finance Ministry

The current Government adopted the worst economic scenario from previous governments in 2018. Severe dollar crisis, Rupee devaluation, Huge debt trap/ circular debt, faulty economic policies, malpractices, economic leakages, trade, and fiscal deficit were some of the giant issues which the country has faced. Pakistan-an already poverty-stricken economy was jolting due to debt quagmire. Pakistan stood at $96bl total external debt in 2018.

The government of Pakistan was forced to make difficult decisions. After coming into power, most of the country’s resources (GDP) were spend on paying off foreign debts and interest payments and very little left for public sector development. Finance Ministry has played a leading role by rebuilding IMF trust in Pakistan and adjusting its policies according to structural adjustments program in order to repay old debts and channelizing loan amounts for public sector development.

The PTI government has already returned $9.5 billion worth of external debt in the last fiscal year 2018-19. For better economic growth, we are consciously working for building the Export competitiveness of Pakistan by giving subsidies to exporters and local industries and putting restrictions on luxury imported items. The purpose is to be built a strong industrial base and self-sufficiency.

Foreign reserves have been build up, remittances have been improved.. The fiscal deficit has been reduced to 8.1% of GDP and this is our major historic achievement. Through government austerity campaign and reduction of public expenditures, we are able to control fiscal deficit. so more burden was put on government machinery. There was no borrowing from the State bank of Pakistan, tax revenue has been increased due to expansion in tax base and better mechanism resulting in stable macroeconomic stability.

COVID_19 pandemics has put a lot of pressure on Pakistan’s economy but we accepted the challenge and we spend a lot of money in the Ehaas emergency cash program for facilitating poverty-stricken and affectees of COVID_19 without any prejudice.

We fought with a liquidity crunch and facilitated our business community especially small businesses. Moody’s rating agency has highly appreciated our economic policies. The increase in Foreign Direct Investment and an increase in Moody’s rating is a living example. Pakistan’s stock exchange market is declared as one of the best bullish markets by Bloomberg.