Govt's first priority is protecting public from coronavirus: Abdul Hafeez Sheikh

ISLAMABAD (Dunya News) - Finance Advisor Abdul Hafeez Sheikh has said that protecting the people of Pakistan from the pandemic is the first priority of the government. It has made many concessions to save the economy from the effects of the virus.

Talking to Dunya News program "Dunya Kamran Khan Kay Saath", the finance Adviser said that the government has helped 15 million people through Ehsaas program and provided recurring assistance to 4.5 million people, which will be extended to 7 million people on directions of the PM.

Abdul Hafeez Sheikh said that many concessions have been given to save the economy from effects of coronavirus. Cheap loans, electricity and gas are being given to the business sector and repayment of industrial debt was delayed.

He said that due to coronavirus, global GDP has declined by 4.5 percent. On the other hand, international financial rating agencies are appreciating Pakistan’s strategy. Foreign investment has increased and Pakistan stock market is among the best performing stock markets despite current circumstances. The quarterly profit of Pakistan’s 100 largest companies has also gone up to 38%, he added.

"There are a few things that overlap between our national interests and the IMF," the finance adviser said. We are tightly controlling government spending and unlike the past, the government is not borrowing from the SBP, he said.

He said that the government froze military expenditures and reduced government spending, now, revenue has become positive and current account is in surplus.

Answering a question, he said that relations with the IMF are positive and there is communication on a daily basis. Improving the energy sector is the IMF’s intention and in our interest, as is better collection of taxes. The IMF is also fully backing the government’s construction package announced earlier this year, he said.