Economy was stabilizing before coronavirus: Hafeez Shaikh

By: News Desk      Published: 06:43 PM, 25 Mar, 2020
Economy was stabilizing before coronavirus: Hafeez Shaikh

Adviser to the PM on Finance & Revenue, Hafeez Shaikh, has said that the economy was stabilizing in Pakistan before the coronavirus, that is likely to reduce our growth.

While speaking to the media, Hafeez Shaikh said “economic indicators were positive before the coronavirus as the government paid Rs 4 bn in debt servicing,” and added that the last eight months’ revenues were historic.

Shaikh further said “The tax collection was 17 percent higher than that of the previous year, and the provinces were given a higher share under the National Finance Commission (NFC) Award.”

“However, the coronavirus has disrupted the progress and could affect the economy as our exports will be affected by it,” Hafeez Shaikh said, and added that It will affect our economic activities.

“Since people’s earning will be affected, it will reflect reduced taxes,” Shaikh said, and added that both the centre and the provinces are on the same page.