Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, presided over a meeting to review the trade balance situation at the Finance Division, today.
Federal Minister for Economic Affairs Division Omar Ayub Khan, Secretary Commerce, Secretary M/o Information Technology, Secretary Finance Division, Governor State Bank of Pakistan Dr. Reza Baqir, Executive Director General BOI and other senior officers participated in the meeting. Adviser for Commerce Abdul Razak Dawood participated through a video link.
Secretary Commerce briefed the participants about the trade balance situation over last two months. Considering the expansion in economic activity, import of one-time items like vaccine for COVID-19 as well as increased demand for raw materials have resulted in increasing imports during July and August, 2021.
In his remarks, the Finance Minister stated that economy is in a state of growth. As economy registered a growth rate of 4% during FY2021, there is an increased demand for imports. As long as trade deficit is within a sustainable level, it will stimulate economic recovery, he added.
The Finance Minister stressed upon the Ministry of Commerce to conduct sensitivity analysis and build scenarios for effective forecasting both in imports as well as exports for each month of the year.
In his concluding remarks, the Finance Minister said that the prudent policies adopted by the present government have stimulated economic recovery amid COVID-19 pandemic. Economy is heading in the right direction. The enhanced revenue collection along with improved ratings (Business Confidence Index and by international credit rating agencies) indicate that economy has gained momentum and is geared towards an inclusive and sustainable economic growth.