FAISALABAD - The Pakistan Textile Exporters Association (PTEA) has lauded the government’s economic team saying that the national economy is becoming stable in the current regime.

Being a key player of the government’s economic team Dr Muhammad Irshad will continue the pace of economic growth initiated by his predecessor, said PTEA Chairman Ajmal Farooq and Vice Chairman Muhammad Naeem.

They lauded the steps taken by the finance team especially the outgoing chairman of FBR Nisar Muhammad Khan in economic uplift of the country and achieving macroeconomic stability by pursuing comprehensive reforms in a short period of time.

They said, “We are hopeful that under his dynamic leadership, the pace of economic stability will grow further and the good work initiated by his predecessor will be carried forward.” As a result of progressive measures, Pakistan’s economic growth is gradually increasing; fiscal deficit is reducing while inflation had continuously declined in the country. Economic team is effectively implementing structural reforms to consolidate recent gains in macroeconomic stability and improve the investment climate,” they said.

They said these reforms are critical for fiscal and economic sustainability and to promote investment and economic growth. Policy of consultation on core economic issues being adopted will take the country at the highest level of economic growth and development, they said. Pakistan had an opportunity to become more ambitious in reforming its economy and reducing poverty in the country, they noted.

The PTEA chairman was of the view that key challenges impeding stronger economic growth include inadequate infrastructure, energy shortage and limited access to finance are hindering the investment that in turn raises the cost of doing business and undermines productivity. Improved prospects for the economy depend upon faster implementation of ongoing reforms to alleviate energy shortage, to expand fiscal space, to foster a competitive business environment and to liberalize trade and this depends upon continuation of current economic policies, he said.

The PTEA fully supported the continuation of economic policies and the economic team as well to achieve desired results for economic stability.