ISLAMABAD: Chief of the Army Staff General Qamar Bajwa responded overfederal government economic measures.
He defended the government’s tough economic measures as indispensable.
He was speaking at a Corps Commanders meeting at the General Headquarters(GHQ), where the economic and internal security situation was discussed inaddition to emerging challenges on the external front.
“COAS also apprised forum about difficult but extremely essential long termbeneficial measures taken by the government for improving & strengtheningnational economy,” said a statement issued by the Inter-Services PublicRelations (ISPR) at the conclusion of the meeting of the army’s top brass.
Faced with large fiscal deficit, higher inflation and lower GDP growth, thegovernment in the budget for financial year 2019-20 unveiled an aggressiveplan for revenue generation through newer taxes and increased tax rates.Furthermore, subsidies were withdrawn. The foreign exchange rate has alsobeen linked to market dynamics because of which the rupee devaluedsignificantly.
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Energy costs have also gone up and the State Bank has hiked policy rates.Most of these measures are believed to have been taken in accordance with astaff-level agreement with the International Monetary Fund.
Defence budget, because of the dire economic situation, too has been frozenat the last year’s level.
