ISLAMABAD, Oct 12 (APP):Owing to the tough economic reforms introduced by the government, twin deficits
including current account and fiscal deficit have significantly reduced, imports increased where as exports decreased during first quarter of financial year 2019-20.
This was stated by Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh while addressing a press conference on Saturday. The Chairman Federal Board of Revenue (FBR) Shabbar Zadi and senior official of the Ministry of Finance were also present.
The Adviser said that those economic reforms have gradually started bearing the results and all the macro-economic indicators showed resilience during first quarter of current financial year. He said that owing to these reforms, the current account deficit shrank by 35 percent as it came down from $9 billion to $5.7 billion in first quarter of financial year 2019-20.
The fiscal deficit also witnessed 35 percent reduction in first-three months of current financial year due to the steps taken by the government and it also came down from Rs 738 million to Rs 436 billion, he added.
Hafeez Shaikh said that revenue collection had witnessed about 16 percent growth during the period under review, adding that the government had not borrowed any money from the State Bank of Pakistan nor released any supplementary grant in order to ensure strict adherence of fiscal discipline.