Signing A Programme With IMF Will Send Good Signal Worldwide: Dr. Abdul Hafeez

Advisor to Prime Minister on Finance Dr. Abdul Hafeez Sheikh has stated that said signing a programme with IMF will send good signal worldwide that Pakistan is managing its economy in a disciplinary fashion

Islamabad (UrduPoint / Pakistan Point News - 25th May, 2019) Advisor to Prime Minister on Finance Dr. Abdul Hafeez Sheikh has stated that said signing a programme with IMF will send good signal worldwide that Pakistan is managing its economy in a disciplinary fashion.For revenue mobilization, he said, a target of 5550 billion rupees target will be set for FBR.

He said 350 companies are paying 85 percent share of tax in Pakistan. Only two million Pakistanis file taxes and out of which 1.4 million are salaried. He said new data sources will be explored to identify potential tax payers to bring them into tax net.He stated this while unveiling economic roadmap at a news conference in Islamabad on Saturday.

Economic team including Minister for Planning Khusro Bakhtyar, Power Minister Omar Ayub, Minister of State for Revenue Hammad Azhar, FBR Chairman Shabbar Zaidi and Special Assistant to PM on Information Dr.

Firdous Ashiq Awan were also present on the occasion. Giving an overview of the economic indicators the PTI government faced after coming into power, Dr. Abdul Hafeez Shaikh said incumbent government inherited 31000 billion rupees as domestic debt and foreign loans were hovering around 100 billion dollars.He said foreign reserves stood at less than 10 billion dollars while exports in last five years registered zero percent growth.

He said trade deficit was touching the mark of 20 billion dollars while fiscal deficit had reached at a staggering amount of 2300 billion rupees.

Besides, circular debt was increasing by 38 billion rupees each month.Advisor to Prime Minister on Finance said the government took various steps to manage the economy, including raising 9 billion dollars through friendly countries.

Talking about the next steps of the government, Dr. Abdul Hafeez Shaikh said IMF board will give approval in next few weeks to the staff level agreement signed earlier with Pakistan. Referring to IMF program, Dr.

Abdul Hafeez Shaikh said signing a programme with IMF will also send good signal worldwide that Pakistan is managing its economy in a disciplinary fashion.Advisor to PM on Finance said a subsidy of two billion rupees has been given be the government to provide relief to people in Ramazan and additional 30 billion rupees will be earmarked for food subsidy in next budget.

Advisor to PM on Finance said Kamyab Jawan is another program of the government that with a budget of 100 billion rupees will enable youth to start their own businesses. The advisor on finance also spoke regarding the Asset Declaration Scheme recently approved by the cabinet."As far as our asset declaration scheme goes, we have made things very easy.

Any Pakistani national anywhere can benefit from the scheme. The rate is only 4 per cent. "If it is cash you wish to declare] then you will have to show the money in the bank. And if it is real estate, then according to the approximate market value and tax payment at 1.5 per cent, you can have it the property "whitened".