The government’s economic decisions that led to financial stability
The government’s economic decisions that led to financial stability were an interesting revelation during the budget speech
Federal Minister for Industry Hamad Azhar during his budget speech termed the decisions taken by the SBP not to borrow, adjust the exchange rate to the market, not to issue supplementary grants and other decisions as to the motives that created financial stability.
During his budget speech, Federal Minister Hamad Azhar read out a paragraph entitled “These are the decisions of the government that have brought economic stability”. He said that the government had stopped borrowing from the SBP.
By reviewing the unrealistic decision of the previous government, the exchange rate was adjusted to the market, which helped in resolving the issue of non-availability of foreign exchange.
He said that no supplementary grant was given last year, the debt structure was improved which resulted in a budget of Rs. 240 billion.
Institutional reforms were made to improve the performance of government agencies and reduce losses. The National Tariff Policy was approved in November 2019 with the aim of increasing employment.
According to Hamad Azhar, Pakistani products were introduced in the global markets under the name of Make in Pakistan. 254 billion refunds were issued to the business community this year, which is 125% more than last year.