Edevelop
ELITE MEMBER
- Joined
- Feb 2, 2007
- Messages
- 14,735
- Reaction score
- 23
- Country
- Location
ISLAMABAD: Federal Minister for Finance, Senator Ishaq Dar Tuesday said that the budget deficit for the next fiscal year will exceed 4.7 percent of Gross Domestic Product (GDP) and expressed the governments resolve to end the circular debt issue in 60 days.
The fiscal deficit would be brought down to 4.5 percent of the GDP in the next three years, the Finance Minister vowed while addressing a press conference held to issue the Pakistan Economic Survey for the financial year 2012-13.
According to the document, the Rs2.381 trillion tax revenue target set for FY 2012-13 has so far been missed by Rs350 billion.
He said the GDP growth rate for FY 2013-14 has been fixed at 4.4 percent while Rs1155 billion will be allocated for development in the next fiscal.
The Czar also expressed the governments resolve to overcome the circular debt issue in the next 60 days and held electricity theft mainly responsible for the vicious debt.
Dar linked the elimination of terrorism in the country with an economic revival. He said that the war on terror had caused a loss of 80 to 100 billion dollars to Pakistan.
He said the burden of national debt would outstrip Rs14000 billion by the end of the current fiscal year.
Senator Dar said a comprehensive strategy has been chalked out to bring about radical reforms in the government departments.
He said the license to introduce 3-G technology in Pakistan would be issued in a transparent manner.
Briefing the media persons about the economic performance of the country in the current fiscal, the Finance Minister said that the average GDP growth rate of the country stood at 3 percent.
The industrial sector progressed at the rate of 2.8 percent while the investment to GDP ratio was registered at 12.6 percent.
The Minister feared that the current account deficit could hit 2.9 percent by the end of FY 2012-13.
Govt to overcome circular debt issue in 60 days: Dar - thenews.com.pk