All IMF’s tranches returned in time: Balighur Rehman

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ISLAMABAD, Feb 13 (APP): State Minister for Interior and Narcotic
Control Balighur Rehman Monday informed the Senate that all tranche of International Monetary Fund (IMF) had been returned in time for the first time in the country’s history and that the IMF programme had successfully concluded.
Winding debate on a motion moved by Nisar Muhammad that this House may discuss the procedure being adopted by the government for obtaining foreign loans and their utilization, the minister said record foreign investment was being done in the country and new businesses were being opening.
He said the industry which was closed due to 20 hour power load-shedding was now again restored owing to un-interrupted power supply to the industrial sector.
The minister said all the targets set for revenue collection were achieved, adding more revenue was collected than the set target.
He said fiscal space had been increased and GDP of the country was also continuously increasing.
The volume of budget had also increased manifold resulting in more allocation to the provinces from the divisible pool.
Regarding debt, the minister said Pakistan’s total debt was only Rs.2800
billion which was surged to Rs.6000 billion during Musharraf regime. The debt further jumped to Rs.14000 billion during 2008-2013 and now it was recorded at Rs.20,000 billion.
He said mega projects had been kicked off in the country and foreign
reserves had reached to a record level. Stock Exchanged broke all past records and was at highest point, he added.
The minister said all the international rating institutions had also
declared Pakistan’s economy positive and emerging. Even World Bank and other financial institutions’ heads had appreciated Pakistan for best economic policies, he said.
Earlier, speaking on the motion, Nisar Muhammad said the total debt had surged to around Rs.22000 billion from Rs 14000 billion after Musharraf’s regime. It was totally injustice to the people and country for taking so many loans, he said.
He said no doubt the finance minister was making efforts to boost
national economy but asked why the people were being overburdened under loans.
He said every government takes loans but who would pay back them.
Azam Swati said national debt had continuously been piling up and it
should be curtailed.
Farhatullah Babar said the parliament was not taken into confidence over taking so many loans. He alleged that SROs were issued to secure loans.
He requested the chair to refer the matter to committee of the Whole.
Mir Kabeer said every government took foreign loans to run the affairs,
he alleged.
Saeed Mandokhel and Shahi Syed appreciated Nisar Muhammad for bringing the motion and called for referring it to the committee of the Whole for through discussion.
Taj Haider said foreign loans were being obtained for maintaining foreign exchange reserves.
Barrister Saif said approval should be taken from the parliament for taking loans.
Usman Kakar and Col ® Tahir Hussain Mahhadi also demanded that parliament should be taken on board for securing any loans.