COAS General Bajwa responds over federal government economic measures
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ISLAMABAD: Chief of the Army Staff General Qamar Bajwa responded over federal 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 in addition to emerging challenges on the external front.
“COAS also apprised forum about difficult but extremely essential long term beneficial measures taken by the government for improving & strengthening national economy,” said a statement issued by the Inter-Services Public Relations (ISPR) at the conclusion of the meeting of the army’s top brass.
Faced with large fiscal deficit, higher inflation and lower GDP growth, the government in the budget for financial year 2019-20 unveiled an aggressive plan for revenue generation through newer taxes and increased tax rates. Furthermore, subsidies were withdrawn. The foreign exchange rate has also been linked to market dynamics because of which the rupee devalued significantly.
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 a staff-level agreement with the International Monetary Fund.
Defence budget, because of the dire economic situation, too has been frozen at the last year’s level.
