August 29, 2019 (MLN): Advisor to Prime Minister on Finance, Economics and Revenue, Hafeez Shaikh has out rightly rejected criticism on the rising debt.
The government has been receiving a lot of flak for the increase in debt by Rs. 7,600 billion. However, the Finance Advisor has rubbished this criticism off, saying that the government needs to raise additional funds at the moment to run successfully.
Giving a breakdown of expenditures incurred so far, the advisor said that from the Rs. 3,800 billion raised from tax revenue, Rs. 2,100 billion has been spent on debt and interest payments, whereas about Rs. 2,300 to Rs. 2,400 billion has been transferred to provinces.
Furthermore, he stated that Rs. 2,900 billion will be required for debt and interest payments in the current fiscal year.
As usual, the Finance Advisor held the previous government responsible for the mounting level of debt, because of which, he believed, the incumbent government was facing the consequences.
However, he assured that the present government is working on a realistic economic plan to give relief to general public.
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