FIVE ECONOMIC STEPS OF PAKISTAN TAHREEK E INSAF GOVERNMENT
The newly elected government has taken few steps to uplift Pakistan economy.
Increased trade with China
PM Imran Khan’s 4 days visit to China has brought prolific results to Pakistan’s economy. Both neighbors who like to call them ‘all-weather’ friends have inked 15 MOUs. Pakistan has accentuated China to aid Pakistan in uplifting its exports. As a consequence, China agreed to upsurge its imports from Pakistan. It has, then, announced to raise the worth of import goods from 1.2 billion USD to 2.2 billion USD till the end of 2019 and to 3.2 billion USD at the end of Pakistan’s next financial year.
Both countries reaffirmed to collaborate in many other fields like for the alleviation of poverty and for the elimination of traditional agriculture practices.
Rural poverty alleviation plan & grants
After getting enough demonstrations from an agriculture task force made by the Ministry of National Food Security and Research (MNFSR), the government has devised a plan to boost the agriculture sector of Pakistan. This plan is a part of 100 days agenda of the PTI’s government.
As per the plan, 82 billion PKR has been granted to the agricultural segment of the economy. Main features of the plan include promoting agriculture productivity & marketing, boosting subsectors of agriculture like farming, fisheries, livestock & crop protection, improving quality of seeds, applying water conservation practices, giving subsidies to small agrarians and building agro markets.
Saudi Arabia gives $6bn package to Pakistan
Saudi Arabia, after several weeks of dialogues, has decided to deliver a package of 3 billion USD to Pakistan. These monetary funds have been provided to assist Pakistan in resolving its economic crisis. This currency will be helpful in supporting Pak’s balance of payment. The Saudi officials have also affirmed the supply of another 3 billion USD as deferred payment for import of oil. During the visit of PM to appear in FII (Future Investment Initiative) conference, mutual treaties have been signed by both states. Saudi-Pak ties tend to be stronger than ever.
Formation of Council of Business Leaders by PM
Another solid step towards the economic stability of Pakistan is the foundation of CBL (Council of Business Leaders) by the prime minister of Pakistan. PM Imran Khan is entitled as the Chairperson of the council while Minister of Commerce is designated as president of CBL. CBL has consisted of 22 members. The basic purpose of creation of CBL is to ensure the execution of practices those are essential to promote trade of the country and to solve the economic crisis & deficit problems of the state. Council is supposed to give several suggestions on the issues of imports & exports, investment, taxation, and economy. The council will also play its role in defining the conditions of the country to provide ease for doing business.
UAE pledges $3bn to uplift Pakistan’s foreign reserves
UAE holds an important place in the strategic ties of Pakistan with Muslim countries. Both states always cooperate in developing bilateral relations between them. UAE, now, declared to give 3 billion USD to Pakistan for uplifting its economy, to improve its liquidity and to enhance foreign reserves at the bank. The monetary aid will assist in appreciating the Pakistani currency and in managing its deficit.