Abdul Hafeez Sheikh presents PTI govt's first economic survey report

06:15 PM | 10 Jun, 2019
Abdul Hafeez Sheikh presents PTI govt's first economic survey report
ISLAMABAD - Adviser to Prime Minister on Finance Abdul Hafeez Sheikh presented the economic survey report 2018-19 on Monday, visibly hinting at the dismal economic situation.

Presenting the report, Abdul Hafeez Sheikh lamented that during the last five years, exports were not enhanced adding that the previous regimes had obtained loans from different sources but did not take measures to increase income generation.

'Due to loans, our currency is facing the pressure,' Sheikh elaborated.

The official highlighted that the reserves of the central bank fell from Rs18 billion to Rs9 billion while the current account deficit reached to a record high of Rs20 billion besides the trade deficit which rose to Rs32 billion.

The adviser explained that the country cannot flourish solely on the back of boosting dollar reserves and we need to strengthen our institutions.

Highlights of the survey are as under:

  • Overall GDP growth slowed to 3.3% against the targeted 6.2% and against last year's 5.5%.

  • For services sctor, 'wholesale and retail trade' saw growth decline to 3.1% from 6.5% a year earlier.

  • 'Finance and insurance' experienced a slowdown in growth to 5.1% compared to 7% last year.

  • 'Small and household' industries recorded 8.2% growth and met the target.

  • Industrial growth ground to a mere 1.4% compared to the targeted 7.6% and against last year's 4.9%.

Abdul Hafeez Sheikh explained that the government's priorities were to safeguard the economy and stabilise it, to fix the institutions that have been ruined over time, to improve foreign relations and start producing.

He shared that the rich be incentivised and compelled to pay their taxes and the most vulnerable people be given priority and centrality in govt's programmes.

The finance adviser admitted that increasing prices would exact a heavy political cost, but termed it necessary if the government is to balance its accounts.

He explained that if international oil prices are necessary, we do not have any control over them and have to follow suit as we are helpless in that case.

Sheikh explained that our institutions have been looted systematically over an extended period of time.

"Prime Minister Imran Khan had committed to the people that he will do things differently and correct our imbalances in a permanent manner," the adviser observed.

The writer is a civil servant.


Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 22 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.

UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.

Today’s currency exchange rates in Pakistan - 22 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300.2 303.2
UK Pound Sterling GBP 350.6 354.1
U.A.E Dirham AED 76.2 76.95
Saudi Riyal SAR 74.45 75.2
Australian Dollar AUD 181.15 183.15
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207.15 209.15
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207.1 209.1
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08


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