Advisor to the Prime Minister on Finance Abdul Hafeez Shaikh has presented the Economic Survey of Pakistan 2019-20 today.
Hafeez Shaikh is addressing media on regarding the Economic Survey. He said that Pakistan’s loans increased to Rs25,000bn and they would amount to Rs30,000bn if the total debts and liabilities were included.
Hafeez Shaikh said that Pakistan’s expenses were higher than its income hence the country was almost about to default on its loans when the new government took the charge. He said, “The country was witnessing growth on loans that were secured from abroad,”
Meanwhile, he also appreciated Prime Minister Imran Khan and army chief Gen Qamar Javed Bajwa for the measures taken by the government to limit expenditures. He said that the government had decreased its expenditures and had increased public spending simultaneously.
Apart from that, Hafiz Shaikh also said that the government had not taken any loans from the State Bank of the government doubled the money for the coronavirus fund despite the economy suffering from setbacks due to the pandemic. Pakistan this year and did not grant supplementary to any department.
Above all, he also informed the media that the government had returned loans worth Rs5,000bn. Pakistan’s revenue decreased due to a decrease in exports.
He further said, “Our goal is for people with status to pay taxes”. “We are confident that we will collect tax up to Rs 4700 billion but Corona did not allow it”. “FB Architect’s recovery target was high”
“Pakistan’s economy suffered losses worth 3000 bn. The government announced a package worth Rs 1240 billion to respond to the crisis situation# launch of Economic Survey 2020,”
He said about the industry growth that it was recorded at -2.64% whereas the services sector, especially wholesale, was recorded at -3.6%. He said that figures showed that the Transport and communication growth registered a -7.1% while the fiscal deficit from July to March was recorded at 4% of the GDP.