June 14, 2019 (MLN): Advisor to the Prime Minister on Finance Affairs, Abdul Hafeez Shaikh has said that in 72 year, no Prime Minister has ever completed his term because of the inconsistency in economic policies.
Addressing a council on foreign relations, he said that Pakistan’s total debt has risen to Rs. 31,000 billion, whereas total foreign debt has reached $97 billion.
In the last 10 years, exports failed to grow whereas imports increased exponentially, which exerted immense pressure on forex reserves. As a result, the trade deficit of the country reached $40 billion, he said.
The Minister said that it had been only 11 months since the arrival of new government, and throughout this time the current standing and future outlook of the economy was being discussed. He said that steps have been taken to meet the economic challenges of the country.
He said that during the next fiscal year, the country will give Rs. 3,000 billion as debt payments, and the fiscal deficit will reach Rs. 3,000 billion.
He also mentioned that Rs. 100 billion has been earmarked for business community in the upcoming fiscal year.
The Minister assured that the country will receive loans from the International Monetary Fund (IMF) very soon, following which other international financial institutions will also give loans.
He stressed that the fiscal deficit of the country has to be reduced, for which taxes will go up and expenditure will be reduced. The targeted revenue to reduce fiscal deficit will be Rs. 5,500 billion.
“It is a difficult task but we have to achieve this target” he added.
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