Tough economic decisions have started showing results, Azhar says
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Federal Minister for Economic Affairs Hammad Azhar on Sunday said that the tough economic decisions taken by the incumbent government have started showing positive results, Radio Pakistan reported.
The economic affairs minister, while addressing a news conference in Lahore, said that the economy has achieved stabilisation and will now transition into a growth phase.
Talking about economic stability, he said foreign exchange reserves are now stable and the rupee-dollar exchange rate is also stabilising.
He said that the PTI government had inherited a massive debt and had to fulfill immediate commitments of more than $10 billion in loan repayments and interest.
The minister held "huge circular debt" responsible for the increasing prices in the power sector.
Talking about the underprivileged segments of the society, he said Prime Minister Imran Khan's vision is to introduce a social safety net for the poorest of the poor in the country. He said the Ehsaas programme launched by the Pakistan Tehreek-i-Insaf (PTI) government is a major plan for poverty reduction and is a role model for the world to emulate.
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Comments (55) Closed
Oct 06, 2019 05:15pm
Good step. Better start lowering the prices because the public is not liking it and going against voting for PTI in next elections.
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Oct 06, 2019 05:26pm
Maybe for him but. No change on de realistic ground.
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Oct 06, 2019 05:30pm
Hammad Azhar is the only minister emerged as a dynamic and true professional who is educated, knowledgeable and mannered person.
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Oct 06, 2019 05:35pm
No more trust on the hollow speeches of PTI.
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Oct 06, 2019 05:41pm
@Sharif, The best educated, knowledgeable and well mannered minister is Sheikh Rasheed... ;-)
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Oct 06, 2019 05:46pm
It is nothing more than day dreaming. A common man is not enjoying the same facilities, don’t get equivalent pay and perks similar to a Federal Minister.
When the wheel of economy will start moving entire nation will come to know automatically and nobody has to clarify about the economic situation as its affects will trickle down from top to bottom across the board.
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Oct 06, 2019 05:47pm
Too little too late , they will continue to lip sync till next elections!
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Oct 06, 2019 06:06pm
@Sharif, Good job. PM Imran Khan keep a check on performance of all ministers, hence need not gauge each performance please.
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Oct 06, 2019 06:07pm
Any numbers yo back up ?
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Oct 06, 2019 06:14pm
@Sharif, Shouldn't we praise people for THEIR WORK and not for their words, personality and qualification/s. So far, PTI government has almost done the same and speeches and promises by any MINISTER are almost same regardless of their party. What is actual need of the country and the common people that is still far from real understanding.
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Oct 06, 2019 06:25pm
When the results start appearing, the people will know on their own. Believe me, they won't need to learn about that from the daily statements of ministers. Stop talking and do something to undo the damage PTI has wrecked on the economy in the last 3 and a half years.
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Oct 06, 2019 06:34pm
As sun rises from the west. Isn’t
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Oct 06, 2019 07:10pm
Excellent! Can we see the results with our normal eyes or we will need night vision glasses?
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Oct 06, 2019 07:13pm
just few days back his PM has said economy needs over haul etc and now this.
there is no coherence in this government. this is a mistake
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Oct 06, 2019 07:18pm
We want honest and industrious people in economic division. Black sheep of previous governments should be shunted.
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Oct 06, 2019 07:24pm
Stabilization means drastic decrease in aggregate demand, shrinkage of the economy, decreased rate of growth. How it can lead to betterment for the economy is beyond comprehension. Btw, IMF programs never led to better economic conditions in any borrowing developing country. There is no reason why they would succeed this time.
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Oct 06, 2019 07:26pm
Decision Making does not reflect alignment in words to action! No Economic Growth and Job Creation plan, neither Economic Transformation nor institutional excellence reforms. Poverty is alleviated by creating jobs not by distribution of funds!!!!
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Oct 06, 2019 07:27pm
Please don’t praise when it isn’t due. Huge gap in words to action.
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Oct 06, 2019 07:33pm
@Sharif, you can’t say that. I mean you have that scientist guy? The head of science and technology in Pakistan and now he is the minister too. I heard he developed a totally made in Pakistan hi tech device to sight the moon. He’s brilliant too.
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Oct 06, 2019 07:33pm
IK govt is on economic contraction policy and using IMF 1940 template. I call it kerosene economics. How jobs can be created when govt is draining blood from the veins. Pakistani people need helicopter money for creating liquidity in the system. More money in people's hand create more economic activity.
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Oct 06, 2019 07:47pm
You mean to say that 11% inflation, Lowest GDP growth 2.4%, Foreign Debt crossing $106 billion, stock exchange index at 32000 points, highest ever electricity, Gas, Fuel, Lowest PSDP spending.... is this means stabilize economy?
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Oct 06, 2019 07:57pm
We want results on the ground. Lets see . Business men met COAS just 3 days back.
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Oct 06, 2019 08:03pm
Where? Maybe from your high office.
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Oct 06, 2019 08:15pm
World bank has downgraded growth forecast from 5.5% to 2.8% next year and this minister fooling us that Pakistan is ready to take off on growth trajectory!!! What a shame
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Oct 06, 2019 08:27pm
In your dreams, minister.
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Oct 06, 2019 08:31pm
Stabilization... The economic patient is still in Intensive Care.
Gordon D. Walker
Canada
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Oct 06, 2019 08:42pm
Losses of state owned enterprises force the government to balance by raising electricity tariffs . The exports become less competitive each time the burden is shifted on manufacturers.
It will be an era of growth if the losses of state enterprises were eliminated by checking theft so the exports could reach its true potential like rest of emerging Asia .
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Oct 06, 2019 08:55pm
Saying this is pointless ...... the proof of the pudding is always in the eating and what the people are eating tastes real bad.
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Oct 06, 2019 09:18pm
He should just visit the market and see the increase in prices of all items.
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Oct 06, 2019 09:52pm
When no one appreciates you , make sure you praise yourself.
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Oct 06, 2019 10:12pm
Yes, we can see the effect in economic downturn and the rise in unemployment. No amount of Ehsas can reduce the poverty caused by unemployment. Every government inherits loans taken by the previous governments, for how long will PTI continue to use that as an excuse.
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Oct 06, 2019 10:14pm
If the statement is true, wishing you all the best. But a long long way to go continuously.
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Oct 06, 2019 10:18pm
The patient has been 'stabilized'... Sure... Now if you could only get it out
of Intensive Care...
Gordon D. Walker
Canada
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Oct 06, 2019 10:51pm
I wonder which economy is he referring to
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Oct 06, 2019 10:52pm
It would have been good, had he shown figures to support claims of improvement.
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Oct 06, 2019 10:53pm
Thanks for informing us otherwise we would have never come to know about it.
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Oct 06, 2019 11:20pm
Good.Weldon. will bear fruits.InshaALLAH
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Oct 06, 2019 11:21pm
Thank u IK and PTI.
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Oct 06, 2019 11:40pm
@Adi, why is it too late, let us all do our share. Don’t despair please
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Oct 07, 2019 12:04am
What steps were taken and what are the numbers to prove that?
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Oct 07, 2019 12:11am
PTI government has emerged to be such a disappointment. They have no clue whatsoever. They are doing exactly the same things for which they blamed the other parties. What qualifications does Mr. Hammad Azhar have related to finance? He is a lawyer! His only qualification is that he is the son of Mian Azhar, a wealthy steel mill owner. Apart from his family's financial position and years of trying to get back into politics through PTI, what does Mr. Hammad Azhar know about finances and economy?
It is such a pity that well qualified and abled people who are experts on economics and finances are not a part of the cabinet but these wealthy tycoons are.
The only reasonable person in Imran Khan's cabinet is Dr. Zafar Mirza. That is it. What a shame!
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Oct 07, 2019 12:34am
New govt, new drama. People voted for PTI as they really wanted to see change. That’s not the change what the middle class or poor people wanted. IK and his govt is crushing the middle class and poor people. Where the ridge gourd used to be 80rs/kg and now it’s 150rs/kg, a normal razor used to be 47 Rs and now it’s 59 rs where as 40 Rs have been increased on shampoo.
I really do not think that this govt will give anything to the public. Infact they are snatching every thing from public. There is going to be a time (Godforbidden) when people will start committing suicide because of this so called TABDEELI.
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Oct 07, 2019 12:55am
@Fahad, bro you really think he was elected by vote. If so then first please open your eyes
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Oct 07, 2019 12:59am
Well Imran & Co. have definitely become very rich.
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Oct 07, 2019 01:20am
What Results?
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Oct 07, 2019 01:39am
How are those ‘positive results’ benefiting the poor masses ? is there a supporting evidence to the claim ?
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Oct 07, 2019 01:45am
@Kallu,
PTI has a number to back up the claim which is called rhetoric.
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Oct 07, 2019 03:25am
put the words into numbers and show us all - what does it mean - We all know - how YOU ALL play with words - put numbers and figures
I dont believe that reducing the current deficit by curbing import (except for luxury items) would solve the problem .... Machinary import means PRODUCTION - which means - growth - i am fearing that because of HUGE RS/Dollar disparity - those imports is dwindling - which should not be the case ....
if you can get Rs back to 120 - i would call that an achievement - or below 100 ...
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Oct 07, 2019 04:54am
@Kallu, Current account deficit resulting in stable dollar resulting in stable inflation rate.....
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Oct 07, 2019 06:17am
Happy to get this news. I hope we don’t see a contradiction to this news next week.
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Oct 07, 2019 06:52am
I fantastic news. I wish Hammad Azhar the best.
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Oct 07, 2019 07:18am
@rehan, not too fast!
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Oct 07, 2019 08:51am
Glad you could save money out of your meagre earnings as representative of the present government for a few new suits to wear. This goes a long way to show that the government's policies are bearing fruit.
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Oct 07, 2019 12:31pm
@Cyeda Fayyzzah , So many things to complain about that you forgot to mention the one basic item which is bread.
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Oct 07, 2019 07:09pm
@Sharif, .He is one the team who has spoiled economy in all fields Take dollar, petroleum / general prices, growth rate fallen to 2.4 n all other sectors Pakistan amongst 6 nation's in the region the lowest . The most incompetent n even devoid of political know how n constitution.
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