Country’s economy will stable in Six to Twelve months: Hafeez Sheikh

The Prime Minister’s advisor to Finance Abdul Hafeez Sheikh vowed on Saturday that country’s economy will stable in six to 12 months and afterwards rapid economic growth will take place.

He made these views while addressing a joint press conference with the PM economic team including minister for energy and power Umar Ayub, Information advisor to PM Dr Ashiq Awa, minister for planning Khusro Pervez, governor SBP Raza Baqir and chairman FBR Shabbar Zaidi.

“My message is the hard time is going to an end and government has steered the country on to the economic stability path,” he said adding that government is allocating 925 billion rupees for development program in the next budget.

Commenting over the agreement with IMF, he said that the agreement with IMF Can’t be revealed before the final approval by the IMF board.

Minister mentioned that the government has taken the data of tax evader in a different way to extend tax net as it was also aiming to minimize the burden on the taxpayers.

“The five million houses project of the government can create employment in 28 sectors and will cause rapid economic growth,” Hafeez Said.

“More than one hundred thousand companies registered with Security Exchange Commission of Pakistan (SECP), however, only fifty per cent paid taxes,” he said adding that only 10 per cent account holders paid taxes.

Highlighting a rapid increase in the inflation rate, he said the rapid increase in prices was due to fast fluctuation in the prices of petroleum products and the stock market.

Talking on the occasion, chairman FBR Shabbar Zaidi said that FBR has got the data of .15 million Pakistanis from 28 countries to documented the economy.

“Present government has issued the rules of the Benami Accounts and the action against the Benami accounts holder will be taken after the first July,” he said adding that the Benami account holders can be sentenced and their property could be confiscated.

However, at the same time, Shabbar Zaidi clarified that no one will be allowed to apprehend the taxpayers.

Taking jibe at the PML-N, the minister for power and energy Umar Ayub said that PTI government was clearing the explosive mines from power sector installed by the PML-N government.

“The circular debt manifolds in PML-N government while it had made the country owed of Rs 450 billion during the election,” he alleged adding that present government has received the 81 billion more payments in the power sector.