Rs55b could be saved annually by retiring circular debt: Ishaq Dar
Claims debt has not increased, adding that govt has paid 503 billion rupees of it.
Finance Minister Ishaq Dar. PHOTO: ZAFAR ASLAM/EXPRESS
ISLAMABAD:
Finance Minister Ishaq Dar said 55 billion rupees could be saved annually by retiring the circular debt, just on account of interest, Radio Pakistan reported Thursday.
Speaking in the National Assembly, he said the government was paying 14% interest on the debt.
Dar claimed that the circular debt is not increasing, Express News reported. He added that the government had paid 503 billion rupees of the debt.
There was daily load-shedding of sixteen to eighteen hours in the country during the last months of the previous government due to non-payment of this amount, the finance minister stated.
Speaking about the success of economic policies, he added that the average GDP growth in the first quarter of the current fiscal year has risen to five percent. The GDP was two point nine percent in the same period last year.
Dar said the government is committed to bring the GDP ratio up to six percent in the next four years.
Finance Minister Ishaq Dar said 55 billion rupees could be saved annually by retiring the circular debt, just on account of interest, Radio Pakistan reported Thursday.
Speaking in the National Assembly, he said the government was paying 14% interest on the debt.
Dar claimed that the circular debt is not increasing, Express News reported. He added that the government had paid 503 billion rupees of the debt.
There was daily load-shedding of sixteen to eighteen hours in the country during the last months of the previous government due to non-payment of this amount, the finance minister stated.
Speaking about the success of economic policies, he added that the average GDP growth in the first quarter of the current fiscal year has risen to five percent. The GDP was two point nine percent in the same period last year.
Dar said the government is committed to bring the GDP ratio up to six percent in the next four years.