Financial Crisis: Government liable to pay back in debt servicing: $3.3 billion by the end of June this year

Financial Crisis: Government liable to pay back in debt servicing: $3.3 billion by the end of June this year

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ISLAMABAD: On Thursday, State Mini­ster for Finance and Revenue Rana Mohammad Afzal said that his government has to pay back $3.3 billion on account of debt servicing by end June 2018.

Mr. Rana was one of the speakers of a pre-budget seminar at the National Press Club. He was accompanied by former fina­nce secretary Dr. Waqar Mas­ood Khan and former chai­rman Federal Board of Reve­nue Dr. Mohammad Irshad.

“We have not defaulted on debt servicing in the last five years,” he said. The state minister, however, clarified that his government will borrow money from the market. He acknowledged that his government was prone to facing the problems of rising budget deficit and falling reserves.

Mr. Rana said that all these problems are the apparent outcomes of the government’s growth-foc­u­­sed strategy which will be maintained in the upcoming budget as well. No new taxes will be introduced in the bud­get and no ambitious tax target will be announced, he added.

He defended the tax amnesty scheme and hoped it will give window to those people who want to invest their money in Pakistan. He said government expects the amnesty scheme will encourage flows of money into the country which will assist in curbing the rising budget deficit.

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