Federal Minister for Industries and Production Hammad Azhar has said that improvement in the industrial and economic situation is imminent.
In a Twitter message on Thursday, Hammad Azhar said that deficits are decreasing and tax collection is increasing. He said that sale of fertilisers and cement has increased considerably and the sale of automobiles is also picking up gradually. He said that construction industry and exports are also gaining momentum.
The federal minister said that government’s decision to open the industry in phases has proved beneficial. He said that provision of financial relief to people, government’s decision to present a tax-free budget due to the coronavirus pandemic and financial assistance packages also proved beneficial. He said that Pakistan is steadily on the path of economic recovery.
Earlier this month, Moody’s had upgraded Pakistan’s outlook from ‘under review for downgrade’ to ‘stable’, while maintaining a B3 rating. This is an affirmation of the government’s sound fiscal and financial policies in these times of unprecedented hardship and uncertainty, the ruling party said in a Twitter message.