Economic situation to improve in 3 years: Dar

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THE NATION, ISLAMABAD, 21st SEPTEMBER 2013:- Finance Minister Senator Ishaq Dar on Friday said that economic situation of the country would improve in next three years due to government’s measures.
He said this while addressing a function titled, ‘National Policy Dialogue on Pakistan Pharmaceutical Industry: Issue and challenges’. Finance Minister said government would have to take tough decisions for the revival of the economy. “Foreign exchange reserves will increase to $20 billion from existing $10 billion due to the policies of the incumbent government”, Dar informed.
Senator Ishaq Dar criticized the previous government for providing huge power subsidy worth of around Rs two trillion what he said could be used for construction of Diamir Bhasha and Dasso dams. He was of the view that political decisions of PPP-led coalition government created circular debt, which could never emerged if government increases power tariff in different phases. The government has cleared the Rs 480 billion circular debt despite facing difficult economic situation, he added.
The Finance Minister claimed that investors’ confidence was restored and international rating agencies were showing positive outlook of the economy due to the government’s policies the. Pakistan’s ranking has improved from -34 to +2, which would further help restore confidence of the investors on Pakistan economy.
He said that the PML-N government had inherited Rs 14000 billion debt, circular debt of Rs 500 billion and revenue shortfall of Rs 445 billion of last fiscal year.
He said that government would achieve the revenue collection target of Rs 2475 billion by controlling tax leakages, theft and bringing more people under tax net. Dar said that government would bring 0.5 million non-taxpayers into the tax net and it already started issuing notices in this regard. He said that for social safety net, government had allocated Rs 75 billion to bring out the 50 percent of the population living below poverty line by utilizing it transparently.

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