During a forum on the state of finance and the real economy, the federal Cabinet was told that there was a good recovery process in the economy and that financial indicators showed improvement. Cabinet expressed satisfaction with the significant reduction in current account shortfalls and an increase in spending due to government policies. The forum also said that the various number of state-owned enterprises had dropped from 441 to 324 since the coalition government reunification.
The Cabinet, which met with Prime Minister Imran Khan in the chair, was informed that vacancies in various institutions had been vacant for more than a year and had been vacated. As a result, 71,000 vacancies were filled. In terms of investment, foreign direct investment (FDI) in the country increased by $ 3 billion and was projected to increase by 7%. The Cabinet was revealed that in addition to Rs. R701, allocated to the Public Sector Development Program (PSDP), Rs. Five hundred eighty-six billion has been spent so far on economic development.
The wardrobe was further clarified by the progress made in the transformation of public services. Dr. Ishrat Hussain, an institutional reform consultant, presented a progress report on the institutional reform process. Explaining the Federal Board of Revenue (FBR) changes, he said in the view of the federal government, legal reforms have been introduced in the FBR by the World Bank to increase funding and simplify the system. The process has been approved, and FBR’s automation is in progress, with the right person to be hired for the position of chief information officer.
The Cabinet was informed that sales tax and tax deductions had been simplified. The plan has been simplified with regard to the refund of the business to other countries. For the first time, the billing system has been released from FBR and forwarded to the Finance Commission. The revitalization measures, the SECP performance, the review process in relation to the Auditor-General, and the steps are taken to do business (Easy to do business) are also detailed.
Cabinet was thoroughly briefed on progress made in the ongoing transformation of Railways, Waqf Property, and the Civil Aviation Authority. Cabinet congratulated Dr. Faisal Sultan on his appointment as a special medical assistant. Cabinet noted that in July 2020, commodity sales in Pakistan increased by 5.8% compared to the previous year 2019. As a result of coronavirus, exports fell by 6% in June, 34% in May, and 57% in April.
As a result of government efforts, there was good growth in July. Compared to neighboring countries, the Cabinet was informed that Anglican sales fell by 17% in July while India sales fell by 4%. The National Information Technology Board (NITB) The chief executive officer (CEO) introduced the board function before the Cabinet and informed members of the digital revolution’s progress.