Govt giving subsidies to improve economy: Hafeez Shaikh

KARACHI, Nov 16 (INP): Adviser to Prime Minister on Finance Hafeez Shaikh on Saturday said the government is giving subsidies to industrialists and exporters to improve the economy.

Hafeez Shaikh while addressing a ceremony of the Overseas Investors Chamber of Commerce and Industry in Karachi, said International Monetary Fund has also expressed confidence on the economic reforms agenda of the government.

The adviser said the tax system has improved due to reforms being introduced in the Federal Board of Revenue (FBR). He said the difficult economic situation has been overcome.

The government did not borrow any money from the State Bank of Pakistan over the last four months. The Stock Market has also witnessed a significant improvement.

He said the current account deficit has reduced whilst investors have also been giving subsidy of two hundred billion rupees.

Hafeez Shaikh said two hundred and fifty billion rupees are also being spent in the energy sector.