Country heading toward economic stability: Shibli Faraz

ISLAMABAD : Federal Minister for Information and Broadcasting Shibli Faraz on Tuesday said that the country was heading toward economic stability owing to the effective policies of the government. Addressing a press conference following a cabinet meeting, Shibli Faraz said that the government has managed to reduce the current account deficit from $20 billion to$3 billion. He maintained that fiscal deficit stood at 8.1 per cent and foreign exchange reserves held by the State Bank of Pakistan increased to $12.5 billion. Due to the government’s effective economic policies, Moody’s confirmed Pakistan’s B3 credit rating with a stable outlook, Faraz added. The minister said that the government adopted an effective policy to boost export and slashed unnecessary expenditures. The government has given historical relief package to the construction sector, he added.