Miftah’s clear vision

THE marked improvement in the overall economic and financial position of the country following a period of uncertainty is a clear testimony to the fact that the team selected by the Government to manage the economy has the potential to deliver on a fast track basis. The difference has been made because of the clear vision of Advisor to Prime Minister on Finance Miftah Ismail and Governor State Bank of Pakistan Tariq Bajwa, who have vast experience, background and firm commitment to deliver as per targets set by the Government.
The improvement in economic condition of the country is not a mean achievement given the fact that the incumbent Government has been braving political storms of high intensity since the last few months that threatened to disrupt the gains of the last four and a half years. It is because of the grave situation that there were wild rumours that the country will have to seek fresh loans from IMF. However, despite talks with the IMF on the post-programme economic conditions, the Advisor has made it clear that the country would not go to the IMF. This apparently because of the positive trends witnessed during the last few weeks because of the prudent policies and actions taken by the new economic team in consultation with all stakeholders. Economic data for recent months shows increased economic activity, exports have increased after a considerable period with expectations that this would help bridge the widening trade deficit to some extent, efforts are being made to broaden the tax base and lower rates, and problems of the businessmen and exporters are being resolved on a priority basis. In view of the fact that the most pressing issue being faced by the industry is the high cost of doing business which is not only hurt external trade but also forcing shut down of large-scale industrial units and therefore, the Advisor is rightly focusing on reducing the cost of doing business. He also had a successful and result-oriented meeting with representatives of the textile industry promising to resolve their issues and as a result the delegation expressed the optimism that textile exports could be pushed to $25 billion in the next five years. Hopefully, combination of the measures being taken by the Government on multiple fronts would help further improve the economy, bring down deficit further and help broaden the tax base for the sake of sustainable growth.

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