KARACHI: Advisor to the Prime Minister on Finance and Revenue Shaukat Fayyaz Tarin performed the groundbreaking of Naya Nazimabad Hospital here on Sunday. Naya Nazimabad Hospital, a tertiary-care, not-for-profit but self-sustainable institution, will be developed in two phases. The first phase will consist of 250 beds across four floors and is targeted to be inaugurated by April 2023.

Speaking on the occasion, Shaukat Tarin, said, “Availability of quality healthcare facilities for all is very much a part of our government’s vision. It gives me great joy that Naya Nazimabad has taken the initiative for the construction of a 500-bed hospital under SBP’s Islamic Refinance Facility. The parent company of Naya Nazimabad, Javedan Corporation Limited (JCL), has received a sanction of PKR 1 billion from Habib Bank Limited (HBL) under SBP’s Islamic Refinance Facility at zero percent (0%) mark-up for the construction of Naya Nazimabad Hospital.”

Naya Nazimabad had initially planned to construct this hospital in 2025 but SBP’s Islamic Refinance facility and HBL’s contribution to participate in this project initiative by passing on this facility at zero percent (0%) enabled and encouraged Naya Nazimabad to advance construction of the Hospital by 4 years.

“We are committed to providing a holistic living experience to all our residents with world-class amenities”, said Chairman, Javedan Corporation Limited, Arif Habib. “Naya Nazimabad Hospital will maintain the same excellence providing quality healthcare facilities to its residents and its neighbouring community.”

The Ground breaking ceremony was attended by top businessman, bankers, and industry leaders of Karachi.

NNI adds: Talking on economy, Tarin claimed that this year the rate of inflation has come down as compared to the last year, pronouncing that prices of articles plummet by 20% to 30% this year. He said he was expecting a good news from the International Monetary Fund (IMF) regarding the release of the stalled loan programme.

The advisor cautioned that there was a difference between import and export. “We need to take such steps which could bring down the exchange rate.” He held that speculators were responsible for the devaluation of Pakistani rupee. “We are tightening noose round them,” he assured. He said the Pakistani rupee was undervalued by up to at least eight rupees. He said we have reached the final stage of the IMF deal and soon the country would receive a good news in this regard.

He said rupee would bounce back when the IMF loan programme is finalized. He appreciated the cooperation of Saudi Arabia which deposited $3 billion in the State Bank of Pakistan to shore up our reserves.

He was of the view that the Covid-19 pandemic ruptured the food chain and prices of everything including oil, palm oil, steel, pulses, wheat and sugar went up all over the world.

“Inflation is a global phenomenon. But as compared to us, the purchasing power of people in America and Europe is much better,” he said adding that despite all this, the government did not raise the petrol price as much as it had been increased internationally.

However, he warned that there would be more rise in prices of petroleum products if the international rates go up. He was of the view that e the government gave subsidy on the petrol levy and suffered a loss. He claimed prices of various items had come down by 20% to 30%.

He said that when the PTI took reins of power, the country was in the midst of crisis. “We had to go to the IMF. The programme of the Fund is always harsh. On top of it, the country has to face the corona virus epidemic,” he added.

He said that Prime Minister Imran Khan promoted the housing sector to dispel the economic slowdown during the Covid-19 pandemic. He also put emphasis on the industrial and agricultural produce export, he held.

He said that we needed 1.5 to 2 million jobs every year. Annually, we have to provide as much jobs because 60% of our population is below 30 years of age. We are heading to a new century with this mindset, he added.

Tarin explained that the government focused its attention on generating more revenue. “If we intend to attain 6% to 8% growth rate, then our revenue ratio should be 20% of the GDP. To achieve this objective, we worked on the tax system and included more people in the tax system,” he said.

He said government was investing in agriculture. “We have got bumper growth of cotton and could be able to sell 9.1 million bales this year,” he said. He informed that the government was working on suggestions aimed at bringing improvement in the construction industry.

He said that the IT sector showed a 47% growth. But we want IT sector to grow by 50%, he added. He said steps were being taken to overhaul the power sector. He maintained keeping in view the current situation it seemed that the economy would grow by 5%. He said big companies are included in the Pakistan Stock Exchange.

This article first appeared in Business Recorder on Nov 15, 2021