Signs of economic recovery becoming visible: MNA

PML-N leader and Member National Assembly Mian Abdul Mannan on Wednesday said government has fulfilled its promise  of economic turnaround as early signs of economic recovery have appeared over the horizon. Rupee has gained ground after years while the government has initiated efforts to shore up foreign exchange reserves and improve image inside and outside the country, he said.

Mian Abdul Mannan said this while speaking to the business community in the FPCCI Capital Office where he came to congratulate Munawar Mughal on becoming VP of their apex chamber, said a press release.He said that masses and business community are pinning hopes on different initiatives taken by the PML-N led government that include upcoming auction of six next generation telecom licenses.

Moreover, he said, Government is in process of raising billions of dollars through different moves that include launching Eurobond in the western markets within 30 days which would help stabilise forex reserves.

Budgetary measures, reforms, economic performance and positive signals from IMF is helping build positive image of the country, said Mian Abdul Mannan.

Speaking on the occasion, VP FPCCI Munawar Mughal said that most of the economic indicators suggest proper direction of the government as growth has been improving while inflation is going down.

“I hope that international lenders would be willing to assist us while the global credit rating agencies would upgrade Pakistan’s credit rating soon,” he said.

PML-N would not change the situation overnight with the help of any magic wand but it has a direction which has helped restore confidence in the investors, he added. 

Munawar Mughal said that reforms in the energy sector and Federal Bureau of Revenue as well as privatization of bleeding state-run entities should expedited with a fast pace so that economy can get a boost and country could benefit from GSP plus.

He said that foreign investors are being encouraged but more should be done to lure them which can help stabilise the economy and push forex reserves to 15-16 billion dollars before the end of this calendar year.