Govt pursuing policy to take economy towards growth mode: Finance Minister

[Norwegian]

Govt pursuing policy to take economy towards growth mode: Finance Minister
May 05, 2021

Finance Minister Shaukat Tareen has said the government is pursuing a policy to take the economy towards growth mode.
Addressing a news conference in Islamabad on Wednesday, he said the goal will be achieved by incentivizing the industries, agriculture and housing sectors. This, he said, will provide job opportunities to the people.
Unveiling the way forward, he said twelve working groups have been constituted in the Economic Advisory Council to frame short, medium and long term policies for different sectors.
The Finance Minister said that price stability is our key focus and it is the aim of the government to check the inflation to provide relief to the common man.
Shaukat Tareen said the scope of social protection will be further expanded under Ehsaas Program. Healthcare, employment and skills development will also be made part of it.
The Finance Minister pointed out that the FBR has done some good work to enhance the revenue collection. However, more programs will be announced in the next budget to eliminate harassment to encourage the people to pay taxes. He said there was growth of fifty seven percent in revenue collection in the month of April this year as compared to the corresponding period last year. He said it is our target to further expand the tax base.
The Finance Minister said that reforms in the energy sector will be introduced and spending on the agriculture sector will be increased to strengthen this vital sector of economy.
Shaukat Tareen said we also want to bring Foreign Direct Investment in the export oriented industries in order to bolster our exports. He said there is a great potential of growth in the IT. Its exports will remain two billion dollars this year and these can be enhanced to eight billion dollars in the next two to three years.
He said a program will be introduced to increase loans for the small and medium enterprises. Similarly, Kamyab Jawan and Kamyab Kisan programs will be further strengthened to bring prosperity at the grassroots level.
The Finance Minister said Pakistan will not come out of the IMF program but it will seek space from the financial institution given the current situation of COVID-19. He said we have already held some good talks with the IMF and the World Bank.

Govt pursuing policy to take economy towards growth mode: Finance Minister

Govt pursuing policy to take economy towards growth mode: Finance Minister

www.radio.gov.pk

@ziaulislam @Patriot forever @Del @Dual Wielder @Indus Pakistan @PakistaniAtBahrain @Zibago @Jazzbot @AZ1 @AgNoStiC MuSliM @waz @HRK

 

[ziaulislam]

Govt pursuing policy to take economy towards growth mode: Finance Minister
May 05, 2021

Finance Minister Shaukat Tareen has said the government is pursuing a policy to take the economy towards growth mode.
Addressing a news conference in Islamabad on Wednesday, he said the goal will be achieved by incentivizing the industries, agriculture and housing sectors. This, he said, will provide job opportunities to the people.
Unveiling the way forward, he said twelve working groups have been constituted in the Economic Advisory Council to frame short, medium and long term policies for different sectors.
The Finance Minister said that price stability is our key focus and it is the aim of the government to check the inflation to provide relief to the common man.
Shaukat Tareen said the scope of social protection will be further expanded under Ehsaas Program. Healthcare, employment and skills development will also be made part of it.
The Finance Minister pointed out that the FBR has done some good work to enhance the revenue collection. However, more programs will be announced in the next budget to eliminate harassment to encourage the people to pay taxes. He said there was growth of fifty seven percent in revenue collection in the month of April this year as compared to the corresponding period last year. He said it is our target to further expand the tax base.
The Finance Minister said that reforms in the energy sector will be introduced and spending on the agriculture sector will be increased to strengthen this vital sector of economy.
Shaukat Tareen said we also want to bring Foreign Direct Investment in the export oriented industries in order to bolster our exports. He said there is a great potential of growth in the IT. Its exports will remain two billion dollars this year and these can be enhanced to eight billion dollars in the next two to three years.
He said a program will be introduced to increase loans for the small and medium enterprises. Similarly, Kamyab Jawan and Kamyab Kisan programs will be further strengthened to bring prosperity at the grassroots level.
The Finance Minister said Pakistan will not come out of the IMF program but it will seek space from the financial institution given the current situation of COVID-19. He said we have already held some good talks with the IMF and the World Bank.

Govt pursuing policy to take economy towards growth mode: Finance Minister

Govt pursuing policy to take economy towards growth mode: Finance Minister

www.radio.gov.pk

@ziaulislam @Patriot forever @Del @Dual Wielder @Indus Pakistan @PakistaniAtBahrain @Zibago @Jazzbot @AZ1 @AgNoStiC MuSliM @waz @HRK

As long as growth is revenue and investment based rather then note printing we should be fine

Keep CAD within 1-2% and agressively build reserves

Investors will panic and so will lenders once our CAD hits 2%

Better to put brakes then rathr then blowing the reserves like we did in 2008 2013 & 2018(worst of all)
I agree that we overdid it..

Covid is reason why our growth like all countries is hit hard

 

[Chacha_Facebooka]

 

[PakistaniAtBahrain]

i am a little worried about what this guy is going to do. maybe Imran Khan is going to go into election mode and find ways to control inflation, or increase jobs, so that he wins reelection. but i wonder if it will come at a cost. at least he didnt appoint Dar.

 

[Norwegian]

i am a little worried about what this guy is going to do. maybe Imran Khan is going to go into election mode and find ways to control inflation, or increase jobs, so that he wins reelection. but i wonder if it will come at a cost. at least he didnt appoint Dar.

Ishaq Dollar destroyed economy. COAS caught him and he ran away to London

 

[N.Siddiqui]

He is more of a banker than an economist...

Is a major shareholder in Silk Bank, he started it with some partners.

Hope he delivers.

 

[RoadRunner401]

The ONLY priority should be Economy, Economy, and Economy once people have jobs they are unlikely to remember the price of onions...

 

[Crimson Blue]

Ishaq Dollar destroyed economy. COAS caught him and he ran away to London View attachment 740720View attachment 740721View attachment 740722View attachment 740723View attachment 740724View attachment 740725

Where did you get these graphs from? Or are these generated by you?

Just off topic, I do not trust this new finance minister yet. He was criticizing federal government policy solely based on higher interest rate argument (which usually means the person is tricking the public by finding easy target to criticize) just few weeks before coming into power.

I actually find opinions of Shabbar Zaidi most unbiased and believeable when he talks about dynamics of Pakistani economy. .

He is more of a banker than an economist...

Now it makes sense why was he focusing on Interest Rate argument.

 

[Norwegian]

Where did you get these graphs from? Or are these generated by you?

From state bank of Pakistan

 

[HRK]

Shaukat Tareen said the scope of social protection will be further expanded under Ehsaas Program. Healthcare, employment and skills development will also be made part of it.

this Ehsaas program and Health card are only 2 Good initiatives IK government has taken till now ... its like a silent revolution ..... in Pakistan

Addressing a news conference in Islamabad on Wednesday, he said the goal will be achieved by incentivizing the industries, agriculture and housing sectors. This, he said, will provide job opportunities to the people.

In Simple terms he is delivering the message that now on under his supervision as Minister of Finance Pakistan would focus on

- Export Oriented Industry [unfortunately we don't have many] which mean he will try his best to decrease the input costs or at least stabilise the input cost.

His current refusal to increase the cost of electricity and attempt to renegotiate with IMF on this issue is the evidence of thing,

Further some change in tax regime for export industries should be expected in the comming budget .....

- Housing Sector: My only concern is he is currently focusing only towards the financial side (and it seems his focus will remain for next two years as well) which mean he will try to increase the share of housing loans from private banks under the PM scheme.

Currently I am seeing no planning or even thinking to encash the coming opportunity for engineering industry by given some incentive to Industry for manufacturing of Construction Machinery which in Pakistan is totally dominated by Imported Machinery, we have the basic Industrial facilities in private sector which can take advantage of the situation ... otherwise our import of Machinery will Increase and would burden the Forex earning.

- And by Agriculture I believe his team would focus on Cash crops like Cotton which will help our textile industry and indirectly to textile export other crop could be Wheat, but I don't know what would they plan fro Agriculture under working group in Economic Advisory Council ....

But If they do plan on long term basis I pray they include Soybean, dairy and meat products in the list of next agricultural cash earning products ....

If am not wrong China's import of Soybean alone is more than our total export of Textile ..... and our Potohar region is consider suitable for Soybean cultivation.

​

Unveiling the way forward, he said twelve working groups have been constituted in the Economic Advisory Council to frame short, medium and long term policies for different sectors.

After a VERY VERY LONG TIME thanks God someone is thinking on mid and long term basis for economic planning.

This look like a joke but yes this factor is missing from our economic management institutions since 2008 ....

The Finance Minister said that price stability is our key focus and it is the aim of the government to check the inflation to provide relief to the common man.

Yes but for this he would have to work on supply side .... but in short term his policy seems based on import to increase the supply, this would obviously increase pressure at our Forex .... but there is no other immediate solution to this problem .... don't know from Federal Government level how would he deal with it within two years, it is a VERY Difficult Task ....

Shaukat Tareen said we also want to bring Foreign Direct Investment in the export oriented industries in order to bolster our exports. He said there is a great potential of growth in the IT. Its exports will remain two billion dollars this year and these can be enhanced to eight billion dollars in the next two to three years.

the other day I was talking to a guy from IT industry ... he was talking some technical reasons related to regulations and some other issues including taxes ... due to which Pakistani IT companies get themselves registered in Dubai although their work force is working in Pakistan .... and services are provided from Pakistan but the Forex remain in Dubai .... and does not count as export from Pakistan ..... I did not get his points completely but this was gist of this conversation ....

I think he should look into this as this thing alone would increase the IT export from Pakistan, which as per one estimate currently is more than $ 5 billion but due to some technical reason are not reported as export from Pakistan.

Is a major shareholder in Silk Bank, he started it with some partners.

Yes he is .... and Arif Habib group is the major partner

 

[Dual Wielder]

IT. Its exports will remain two billion dollars this year and these can be enhanced to eight billion dollars in the next two to three years.

That's quite an ambitious goal quadrupling our I.T exports.. though if I'm not mistaken I believe it was couple of months back when I read our real I.T exports where somewhere in the 5 billion USD range, it was just not documented.. perhaps with the new initiative from the GOV i.e. promised long tax breaks the I.T industry might be more transparent.. allowing us to see the real export growth

Ishaq Dollar destroyed economy. COAS caught him and he ran away to London

Proberly wanted in on the action tbh..

 

[PakistaniAtBahrain]

From state bank of Pakistan

dont lie. you have Dar on speed dial.

 

[ziaulislam]

i am a little worried about what this guy is going to do. maybe Imran Khan is going to go into election mode and find ways to control inflation, or increase jobs, so that he wins reelection. but i wonder if it will come at a cost. at least he didnt appoint Dar.

Pretty straight forward look at CAD ..if its in control less then 1% u should be golden

Currently its surplus

Second u need to have cheaper finances aligned up and need to switch all short term liabilities to long term

Our credit rating is bad so thats not possible

Real estate can bring alot of money from overseas pakistani so can roshan digital but the 1998 debacle means noone that i talk to trust the next govt(almost everyone believes PMLN will be back in 2023)

this Ehsaas program and Health card are only 2 Good initiatives IK government has taken till now ... its like a silent revolution ..... in Pakistan



In Simple terms he is delivering the message that now on under his supervision as Minister of Finance Pakistan would focus on

- Export Oriented Industry [unfortunately we don't have many] which mean he will try his best to decrease the input costs or at least stabilise the input cost.

His current refusal to increase the cost of electricity and attempt to renegotiate with IMF on this issue is the evidence of thing,

Further some change in tax regime for export industries should be expected in the comming budget .....

- Housing Sector: My only concern is he is currently focusing only towards the financial side (and it seems his focus will remain for next two years as well) which mean he will try to increase the share of housing loans from private banks under the PM scheme.

Currently I am seeing no planning or even thinking to encash the coming opportunity for engineering industry by given some incentive to Industry for manufacturing of Construction Machinery which in Pakistan is totally dominated by Imported Machinery, we have the basic Industrial facilities in private sector which can take advantage of the situation ... otherwise our import of Machinery will Increase and would burden the Forex earning.

- And by Agriculture I believe his team would focus on Cash crops like Cotton which will help our textile industry and indirectly to textile export other crop could be Wheat, but I don't know what would they plan fro Agriculture under working group in Economic Advisory Council ....

But If they do plan on long term basis I pray they include Soybean, dairy and meat products in the list of next agricultural cash earning products ....

If am not wrong China's import of Soybean alone is more than our total export of Textile ..... and our Potohar region is consider suitable for Soybean cultivation.

​

After a VERY VERY LONG TIME thanks God someone is thinking on mid and long term basis for economic planning.

This look like a joke but yes this factor is missing from our economic management institutions since 2008 ....


Yes but for this he would have to work on supply side .... but in short term his policy seems based on import to increase the supply, this would obviously increase pressure at our Forex .... but there is no other immediate solution to this problem .... don't know from Federal Government level how would he deal with it within two years, it is a VERY Difficult Task ....


the other day I was talking to a guy from IT industry ... he was talking some technical reasons related to regulations and some other issues including taxes ... due to which Pakistani IT companies get themselves registered in Dubai although their work force is working in Pakistan .... and services are provided from Pakistan but the Forex remain in Dubai .... and does not count as export from Pakistan ..... I did not get his points completely but this was gist of this conversation ....

I think he should look into this as this thing alone would increase the IT export from Pakistan, which as per one estimate currently is more than $ 5 billion but due to some technical reason are not reported as export from Pakistan.


Yes he is .... and Arif Habib group is the major partner

Health card has jump started a whole medical industry pretty genious approach

I would credit of buildig dams, real estate and fast pacing ease of buisness and new zones..though speed is low

Ishaq Dollar destroyed economy. COAS caught him and he ran away to London View attachment 740720View attachment 740721View attachment 740722View attachment 740723View attachment 740724View attachment 740725

Yet saving from bankrupcy, kneeling and beggin to arabs so that pakistanis can be saved fromusing ghandi jee or benjamin notes is NOTHING
talk about pakistanis mental capacity

 

[Bil]

i am a little worried about what this guy is going to do. maybe Imran Khan is going to go into election mode and find ways to control inflation, or increase jobs, so that he wins reelection. but i wonder if it will come at a cost. at least he didnt appoint Dar.

Thing is Khan has tried his level best to throw "Thugs of Pakistan" behind bars, however, all thanks to Pakistani judiciary all of them are out and roaming free. This is a proven fact now that accountability is not doable within current rotten system and icing on cake, PTI and Khan dont have 2/3rd majority - so there are two options left.

1) Let this term complete or dissolve parliament and let leeches of PML-N and PPP (Billo probably) become next PM and circus will continue
2) Put everything on back seat and focus on economy, good governance, control inflation and try to complete as many election pledges as possible. So that this will open a way for his second term hopefully with majority so that he can pursue towards his original agenda (accountability).

He certainly has opted second option, which one would you pick if you were in his shoes?

NOTE: By no mean I like this guy tareen and vouching for him.

 

[Zibago]

Govt pursuing policy to take economy towards growth mode: Finance Minister
May 05, 2021

Finance Minister Shaukat Tareen has said the government is pursuing a policy to take the economy towards growth mode.
Addressing a news conference in Islamabad on Wednesday, he said the goal will be achieved by incentivizing the industries, agriculture and housing sectors. This, he said, will provide job opportunities to the people.
Unveiling the way forward, he said twelve working groups have been constituted in the Economic Advisory Council to frame short, medium and long term policies for different sectors.
The Finance Minister said that price stability is our key focus and it is the aim of the government to check the inflation to provide relief to the common man.
Shaukat Tareen said the scope of social protection will be further expanded under Ehsaas Program. Healthcare, employment and skills development will also be made part of it.
The Finance Minister pointed out that the FBR has done some good work to enhance the revenue collection. However, more programs will be announced in the next budget to eliminate harassment to encourage the people to pay taxes. He said there was growth of fifty seven percent in revenue collection in the month of April this year as compared to the corresponding period last year. He said it is our target to further expand the tax base.
The Finance Minister said that reforms in the energy sector will be introduced and spending on the agriculture sector will be increased to strengthen this vital sector of economy.
Shaukat Tareen said we also want to bring Foreign Direct Investment in the export oriented industries in order to bolster our exports. He said there is a great potential of growth in the IT. Its exports will remain two billion dollars this year and these can be enhanced to eight billion dollars in the next two to three years.
He said a program will be introduced to increase loans for the small and medium enterprises. Similarly, Kamyab Jawan and Kamyab Kisan programs will be further strengthened to bring prosperity at the grassroots level.
The Finance Minister said Pakistan will not come out of the IMF program but it will seek space from the financial institution given the current situation of COVID-19. He said we have already held some good talks with the IMF and the World Bank.

Govt pursuing policy to take economy towards growth mode: Finance Minister

Govt pursuing policy to take economy towards growth mode: Finance Minister

www.radio.gov.pk

@ziaulislam @Patriot forever @Del @Dual Wielder @Indus Pakistan @PakistaniAtBahrain @Zibago @Jazzbot @AZ1 @AgNoStiC MuSliM @waz @HRK

Dar 2.0 with deficit spending for political gains