Ishaq Dar rejects impression of mammoth increase in debts

Finance minister Ishaq Dar has rejected perception of immense increase in foreign debts and said on Tuesday that at last 147 budget recommendations have been forwarded to planning division.

Dar addressed a session of the National Assembly (NA) today and concluded the discussion on the federal budget that was presented last month.

He said that budget deficit is to be cut to four percent from the previous eight percent. He let it out that the ministry was working towards ninth financial award which would soon be finalized. He pointed out that the government in the past followed the practice of rubbishing the recommendations filed by parliamentary parties unlike the incumbent government of Pakistan Muslim League-Nawaz (PML-N).

The government has reserved Rs 90 billion worth of funds for the development of Federally Administered Tribal Areas (FATA), Dar said adding that Information Technology (IT) companies have been given privileges this fiscal year.

A dedicated package of Rs 180 billion has been reserved for exporters while the government is to provide a subsidy worth Rs 22 billion to meet energy demands of the industrial sector.

Dar further said that small-scale farmers would now be able to avail Rs 50,000 to Rs 75,000 worth of loans per head while Rs 120 billion have been reserved for income support programme.