Pakistan currency may be devalued: Government Sources

Pakistan currency may be devalued: Government Sources
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ISLAMABAD: Parliamentary Secretary for Finance and Revenue Rana Muhammad Afzal on Wednesday apprised the National Assembly that the country’s total debt stood at $ 62.5 billion.

Responding to various supplementary questions during question hour, the secretary said the debt was under the limit of Debt Limitation and Responsibility Act.

He brushed aside that hefty loans were taken by the government which could not be paid.

Afzal said the national economy was stable and foreign reserves stood at over $ 20 billion adding that it was mere $ 8 billion in 2013 when the incumbent government took charge. The revenue collection witnessed 40 per cent increase during the last four years and it would be further improved, he said.

Replying to another question, he categorically said that a proposal was under consideration to devalue the currency.

To a question, Afzal said Indian enmity related to China Pakistan Economic Corridor (CPEC) has been revealed. He appreciated the Foreign Minister for effectively pleading country’s cause during his visit to the USA. Owing to effective policies, US delegation was visiting Pakistan and Afghan president was also in the schedule, he added.

He also brushed aside speculation that economic sanction was being imposed on Pakistan.

He advised the members to avoid seeping statement on the floor of the house without any proofs. No fudge figures were given on the floor of this August house by Finance Minister Mohammad Ishaq Dar, he added.

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