by Shafqat Ali 

 

ISLAMABAD, Nov. 4 (Gwadar Pro) – Pakistani Prime Minister Imran Khan on Wednesday thanked Iron Brother China and other friendly countries who supported Pakistan during the difficult time to save the country from default.

 

Addressing the nation over the state-run radio and television, PM Khan said he was grateful to China, Saudi Arabia and the United Arab Emirates (UAE) for supporting Pakistan economically.

 

He emphasized that – with China and other friends help - it took almost a year to stabilize the economy which unfortunately followed the outbreak of Covid-19 pandemic.

 

The Prime Minister appreciated his team in the National Command and Operation Center (NCOC) comprising top doctors, cabinet members and Pakistani Army which took bold decisions based on the data and made the country steered through the crisis effectively.

 

Giving an overview of the COVID impact on world economy, the Prime Minister mentioned that the United States spent $4,000 billion to support its economy while Pakistan could only scrape $8 billion to avert the burden of unemployment and support the industry, construction and agriculture.

 

He noted that owing to the government’s prudent policies, the country witnessed a 13.8% growth in rice production, pulses 8%, sugarcane 22%, wheat 8% and cotton 81% growth.

 

Moreover, he stated, an additional Pakistani Rs 1100 billion went to the farmers which was manifested by the record sale of motorbikes, tractors and urea.

 

He remarked that following the incentives announced by the government, the construction projects worth Rs 600 billion were going on in the country and large-scale manufacturing achieved record growth. Moreover, the profit of engineering sector increased by 350%, textile sector 160%, automobiles 138%, cement 113% and oil and gas 75%.

 

Besides, he maintained, the country’s tax collection also grew by 37% as the government had already surpassed the set target.

 

“Our (economic) indicators are on right course. Information Technology (IT) achieved 47% growth last year and this year it will touch 75%. This is good news for youth,” he contended.

 

The PM announced “country’s biggest ever” subsidy package worth Rs 120 billion providing 30% discount on ghee, flour and pulses to support 130 million people by ebbing away the impact of inflation.

 

The Prime Minister said 20 million families would benefit from the subsidy package to be funded jointly by the federal and provincial governments. Under the package, the beneficiaries would avail a 30% discount on the three food commodities for the next six months.

 

This article originally appeared on Gwadar Pro.