The government is planning a strategic impetus for a growth-oriented roadmap: Tarin
ISLAMABAD: Shaukat Tarin, adviser to the prime minister in charge of finance, said on Thursday that the government is committed to introducing growth-oriented measures to stimulate the economy with a clear roadmap of strategic priorities, facilitation of business, investment opportunities, and income and expense plans.
The adviser was addressing the conference “Dialogue on Economy-2021” organized by the Pakistan Business Council in Islamabad.
The adviser said the aspiration is to lay the foundation for more inclusive and sustainable growth so that the economy can withstand any shocks. He said prudent tax reforms have helped improve the tax-to-GDP ratio and improve income generation.
Increasing tax collection and broadening the tax base were key objectives of the government’s financial program, he added.
The adviser identified priority sectors such as agriculture, IT and modernization of industry to boost exports and said special economic zones (SEZs) had been created to attract foreign investment. The government is pursuing the “Make in Pakistan” policy to promote export-oriented industrialization in the country, he said.
The adviser also shared the measures taken to help the disadvantaged through social protection programs to improve the standard of living of vulnerable segments of society by empowering them.
The adviser said the current trend in major economic indicators as well as recent high-frequency indicators gave encouraging signals for growth. He envisioned that GDP (gross domestic product) would grow more than the target in FY2022 and maintain momentum over the medium term.
The advisor said he was convinced that in the face of various challenges / risks persisting both externally and nationally, the economy would be self-sufficient and able to compete with its competitors on a global scale. He thanked the organizers of the dialogue and stressed that such a dialogue would help further crystallize the challenges and develop an optimal solution for the same. –
Meanwhile, the advisor assured Corporate Restructuring Company Limited (PCRCL) of his full cooperation and support in reviving sick industrial units and making them profitable contributors to Pakistan’s economy.
The advisor chaired a meeting on the revival of sick and closed units in the Finance Division.
He supported the PCRCL in its efforts to revive sick and closed units and revitalize the economy.
He underlined the need to effect structural changes for a viable functioning of the PCRCL by reviewing its performance, building management capacity and strengthening the organization’s finances.
Previously, the general manager of the PCRCL made a presentation on the performance of the company and the initiatives taken for the revival of sick units, companies and the clearance of bank balance sheets. He also informed the meeting of the obstacles to the proper functioning of the PCRCL and requested the support of the government.
Among others, Federal Minister of Industries and Production, Prime Minister’s Advisor for Trade and Investment, Abdul Razak Dawood, Secretaries of Finance, Industries, President SECP, Deputy Governor SBP, MD USC , CEO PCRCL and senior officials attended the meeting.