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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.