Government Manages To Reduce The Country’s External Debt

• Federal Finance Adviser Abdul Hafeez Sheikh has said that Pakistan’s current account balance has surpassed Rs 792 million.
• No loans taken in 4 months till June 30, 5000 billion interest paid on past loans, government measures are boosting the economy.
• Pakistan’s debt did not increase. As of June 30, Pakistan’s debt was 36.4 trillion. Now, on October 30, it is 36.4 trillion.

Surplus in pakistan’s  current account balance

Pakistan’s current account balance has surplus 792 million, Hafeez Sheikh

Federal Finance Adviser Abdul Hafeez Sheikh has said that Pakistan’s current account balance has surpassed Rs 792 million. In the first two years, the current account deficit was reduced from Rs 20 billion to Rs 3 billion. No loans taken in 4 months till June 30, 5000 billion interest paid on past loans, government measures are boosting the economy.

“I want to tell you where our economy stands, how we are trying to bring the benefits of economic recovery to the people. When the government came, there was an economic downturn,” he told a press conference with Information Minister Shibli Faraz. Had to go to the IMF, when the economy is in crisis.

Taxes increased by 17%, the gap between income and expenditure was surplus, the business community was given incentives, the economic situation improved and exports increased.

But when the corona virus came, the economy was hit, 1000 billion financial aid was given, a package to buy wheat was given, 150,000 people were given cash. The financial adviser said that at that time our external economic growth has improved.

Yes, the current account deficit was 20 billion, it dropped to  3 billion in two years, now there is a surplus of 792 million, the internal deficit was higher than our revenue, but we reduced spending, increased taxes, which Didn’t borrow.

Similarly, Imran Khan’s government had to pay Rs 5,000 billion in interest on past loans. If it had not had to pay Rs 5,000 billion, further development could have taken place.

From June 30 to October 30, Pakistan’s debt did not increase. As of June 30, Pakistan’s debt was 36.4 trillion. Now, on October 30, it is 36.4 trillion. That is, not borrowing for 4 months is a great achievement.

Our economy is growing. Growth has increased by five percent, cement has increased from 16 to 20 million tons, including exports, sales of cars and motorcycles have also increased, our rupee has stabilized, SBP reserves have reached 13 billion.

He said the FBR had collected Rs 1,040 billion in the first four months, which was more than the target.

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