PTI government has improved economy despite inheriting high levels of debt: Fawad

PTI government has improved economy despite inheriting high levels of debt: Fawad

Federal Minister for Information and Broadcasting Chaudhry Fawad Hussain on Wednesday said that despite the outbreak of coronavirus in the country, all indications point to an improvement in the national economy, 24 News News TV reported.

“When the PTI government came to power, Pakistan faced difficult challenges such as high current account deficit, which was brought down rapidly due to the sound fiscal policies of the present government. All the high-frequency figures now show an improvement in the economy and the growth rate is forecast to be around 3.94%.

He said the PTI government has borrowed services for more than 10 10 billion / year, mainly in addition to the short-term and expensive trade loans (17 17 billion) provided by the PML-N government. Due to external debt (.7 49.76 billion).

The Minister said that during the current financial year, the government will have to repay 10. 10.36 billion on external debt, including principal and interest payments, while the projected revenue is estimated at 14 14.37 billion.

During the first 10 months of fiscal year 2020-21, the government paid 7. 7.52 billion, including 6. 6.31 billion in principal and 1. 1.21 billion in interest payments, Fawad said.

He said that in order to fulfill its various responsibilities, the government borrowed 10 10.5 billion for the program and project in the same period. Thus the net invoice of external loans. 2.98 billion. In addition, the government paid billion 2 billion to Saudi Arabia during the current fiscal year. Therefore, further decline in real net income is really only 90.98 billion.

He said that the budget helps the government in eliminating financial aid and provides financial space for necessary expenditure.

He said the financial space has helped the government increase its spending on the social sector, especially social health and social protection, and reduce the socio-economic impact of COVID-19 epidemics. The results of the government’s successful life and livelihood policy and other initiatives are also reflected in the 3.94% growth rate which not only saved the employment of millions of Pakistanis but also improved all the important economic indicators.

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