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Economy heading in right direction: Hafeez Shaikh - Inside Financial Markets

Economy heading in the right direction: Hafeez Shaikh

Advisor to Prime Minister Dr Abdul Hafeez Shaikh Wednesday said that due to prudent and timely policies of the Government, the country’s economic revival is taking place and the economy was heading to the right direction.

“Large Scale Manufacturing (LSM) has registered 4.8% growth, cement sector 20% growth with 100% capacity utilization and significant increase in sale of cars, motorbikes and tractors has also been witnessed during July to October 2020,” he said while addressing “Annual Microfinance Conference (AMC)” as a guest of honor.

The Finance Advisor outlined National Financial Inclusion Strategy (NFIS) which aims at achieving inclusive economic growth through promotion of small and medium enterprises, easy and affordable access to finance for farmers, facilitation in low-cost housing finance and provision of Shariah compliant banking solutions.

Adviser Finance highlighted the proactive measures taken by the Government to lessen the adverse economic impact of COVID-19 including loans deferred for one year and Rozgar Scheme (Payroll Protection).

Over three million borrowers benefitted with approx. Rs.140 bn loans rescheduled or deferred during the current crisis. The Rozgar Scheme has proved to be highly effective in improving liquidity position and saving millions of jobs, he added.

Syed Zaki Hussain

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