15-year roadmap devised to end dependence on foreign, domestic loans: Zahid Hamid

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ISLAMABAD, Aug 28 (APP): Minister for Law and Justice Zahid
Hamid on Monday apprised the Senate that 15-year roadmap has been
devised to end the country’s dependence on foreign and domestic loans.
Winding debate on a motion moved by Sirajul Haq that the
government should announce a clear roadmap with specific time frame to end
the country dependence on loans, he said loans were taken mainly to bridge
fiscal deficit, balance of payment, repayment of debt and achieve growth rate.
He said when the incumbent government took charge in 2013, the country
was facing macro economic instability, prolong power outage and lowest
foreign reserves. The various public sector enterprises were not performing
upto the mark, he added.
The minister said owing to the efforts of the government, the Federal
Board of Revenue collection witnessed 60 per cent increase while the development budget has also been enhanced 129 per cent.
He said the tax to GDP ratio had been enhanced to 12.4 per cent from
9.28 per cent.
The minister said 40 per cent cut in the PM House expenditure and 30
per cent in other divisions had been made.
The fiscal deficit had also been reduced to 4.6 per cent and under the
devised roadmap it was being reduced gradually.
Earlier, speaking on the motion, Sirajul Haq said the government
should devise a clear roadmap to end dependency on foreign and domestic
loans.
Later the House adopted the resolution calling up the government to
announce a clear roadmap with specific time frame to end the country’s
dependence on foreign and domestic loans.