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IMF programme helped avert bankruptcy: Dr. Shaikh
ISLAMABAD: Finance Advisor Dr. Hafeez Shaikh Saturday said that Pakistan managed to avert bankruptcy by obtaining IMF assistance.Delivering the budget speech at the Special Budget Session of the National Assembly, Dr. Shaikh said Pakistan’s economic recovery has begun.
“Pakistan’s foreign exchange reserves have surged to 16 billion dollars,” he said, adding, 52 billion dollars are expected to be received under Kerry-Lugar Bill.
He said the process of budget making was completed in a transparent manner, terming it a first post-NFC Award budget.
“People are at the heart and center of this budget,” the Finance Advisor claimed.
Inflation is a monetary phenomenon the main reason responsible for it is government borrowing which is made from both internal and external sources.
He stressed upon self-reliance and resource mobilization. The debt to GDP ratio has climbed to 55 percent and ‘we must protect the poor’.
Talking about unemployment, he said jobs are created when the whole economy grows.
He held flawed policies and influence of some government departments responsible for energy shortage in the country where people are willing to pay for the utility but cannot get it due to unavailability.
“We have to make our policies right and rise above the petty issues,” he stressed.
He said 30 million energy savors will be provided in a bid to conserve electricity.
Courtesy www.Geo.tv