Debt burden: Govt to cut public debt by 2% annually

Public debt is presently 63% of the GDP.

APP July 17, 2013

ISLAMABAD: Federal Minister for Finance Senator Muhammad Ishaq Dar has said that Medium Term Framework announced in the budget envisages a reduction in overall public debt by 2% every year. Public debt is presently 63% of the GDP, much higher than the 60% permissible under the Fiscal Debt and Responsibility law. Talking to Australian High Commissioner Peter Heyward who called on him here Wednesday, Dar said that he was optimistic to achieve the ambitious revenue target of Rs2.475 trillion set in the budget. “I am optimistic that macro-economic challenges presently facing the country are manageable” he added. Expanding on the International Monetary Fund programme, Senator Ishaq Dar said that the terms of the agreement are within the broad parameters of PML-N manifesto. He said that the loan from IMF would not increase Pakistan’s external debt as the new loan would be utilised to return the previous loan.

Published in The Express Tribune, July 18th, 2013.

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Brittany White | 10 years ago | Reply

I can understand why he is being optimistic. We all want to believe in bright economic future and I am sure that lots of us thinks that macro-economy is the best developing field and basic for success. But what are his suggestions specifically. When there were problem in Canada. There were specific measures applied and guess what you can hardly meet people who need to apply for quick loans in BC, Ca. This is what I call success.

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