Foreign and Fiscal deficit brought under control: Hafeez Sheikh

Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh on Saturday reviewed the economic performance of the country during the first three months of the financial year 2020.

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Addressing a press conference in Islamabad, Sheikh said that two big deficits — foreign trade and fiscal — had been brought under control in the country.

He said that the trade deficit was brought down by 35 per cent while fiscal deficit was reduced by 36pc in the first quarter.

“These are big steps and their positive results have come forward,” Sheikh said.

Additionally, he noted that revenue had also increased by 16pc.

“One thing that we have really improved on in comparison to the previous year is non-tax revenue,” the finance adviser said.

He revealed that Rs406 billion had been collected in non-tax revenue which was a 140pc increase over the previous year.

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