Govt to overcome circular debt issue in 60 days: Dar

[Edevelop]

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 government’s 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 government’s 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

 

[Jango]

Circular debt completely finished in 60 days???

I ain't no economist or a financial expert, but that seems a mighty optimistic target!

 

[Argus Panoptes]

Circular debt completely finished in 60 days???

I ain't no economist or a financial expert, but that seems a mighty optimistic target!

Sir, if people can claim to end corruption in 90 days then they can also claim to end the circular debt in 60 days. No problem!

 

[Jango]

Sir, if people can claim to end corruption in 90 days then they can also claim to end the circular debt in 60 days. No problem!

Corruption claims makes some sense if you keep in mind that only the top level corruption is being talked about.

 

[Argus Panoptes]

Corruption claims makes some sense if you keep in mind that only the top level corruption is being talked about.

So the analogy would be that only high level circular debt will be reduced while the kunda theft will continue, just like low level corruption.

 

[aamerjamal]

if they do it even in 90 days then my next vote also reserved for PMLn.

 

[Cyberian]

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 government’s 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 government’s 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

Truly appalling.

 

[xyxmt]

Truly appalling.

do you think there was any growth during the last few years
If there was any I need to see how we got 3.6% growth last years

 

[truthseeker2010]

They will be issuing T-Bills worth $5 billion(Rs 500 billion) so the way they are doing it..... it can be done in even 30 days.

 

[Cyberian]

do you think there was any growth during the last few years
If there was any I need to see how we got 3.6% growth last years

For the Financial Year 2007-2008, Pakistan's GDP was $167 billion and by the end of the Financial Year 2011-2012, Nominal GDP reached $232 billion.

Pakistan's economy contracted in the Financial Year 2008-2009 and the average GDP growth was 2.9% in the last 5 years which was considered poor.

As a result, Pakistani people have elected a new Government altogether and they expect the growth to be much higher. If the new Government is not capable of at least doubling the evonomy in the next 5 years, then we should've just continued with the previous Government.

The minimum average for the next 5 years we should expect from the current Government is 5.8%. No excuses.

 

[Creder]

Circular debt completely finished in 60 days???

I ain't no economist or a financial expert, but that seems a mighty optimistic target!

how so ? circular debt just means you need to clear the payments for all the distribution and generation companies.

What they should be talking about is how they are gonna keep it from piling up again, PPPP did the same thing of clearing the debt but did nothing to prevent it from accumulating again.

 

[AZADPAKISTAN2009]

Probably loan that someone else will have to pay after 7 years

 

[xyxmt]

For the Financial Year 2007-2008, Pakistan's GDP was $167 billion and by the end of the Financial Year 2011-2012, Nominal GDP reached $232 billion.

Pakistan's economy contracted in the Financial Year 2008-2009 and the average GDP growth was 2.9% in the last 5 years which was considered poor.

As a result, Pakistani people have elected a new Government altogether and they expect the growth to be much higher. If the new Government is not capable of at least doubling the evonomy in the next 5 years, then we should've just continued with the previous Government.

The minimum average for the next 5 years we should expect from the current Government is 5.8%. No excuses.

well these are the numbers provided by guess work of our finance dept, situation on the ground is not the same. When power crisis is so bad that 50% of industry is closed in Punjab, agricultural growth is none, unemployment is wide spread, social services declined, zero money spent on development projects then how GDP grew by 60 billion, creates $hit storm in my brain.

 

[Cyberian]

well these are the numbers provided by guess work of our finance dept, situation on the ground is not the same. When power crisis is so bad that 50% of industry is closed in Punjab, agricultural growth is none, unemployment is wide spread, social services declined, zero money spent on development projects then how GDP grew by 60 billion, creates $hit storm in my brain.

Pakistan is not dead nor you'll find Pakistani roads littered with dead bodies due to famine.

Those numbers are provided by International Monetary Fund, World Bank and United Nations.

 

[arushbhai]

Why is this forum filled with PTI trolls? Even if a government announces to end debt in 60 days, these trolls still come up with some pathetic twisted negativity out of their twisted minds just to satisfy themselves somehow. Take your pathetic act somewhere else. You trolls could never be happy even if the government starts showering money on you. Youll come up with some ridiculous reason that the govt must have taken a loan from INDIA or ISRAEL. Get real and accept the reality you trolls.