ISLAMABAD - The National Assembly was informed on Wednesday that revenue collection by Federal Board of Revenue has witnessed a significant growth of 20 percent during the first quarter of current fiscal year.
Parliamentary Secretary for Finance, Rana Muhammad Afzal Khan told the house during question hour that the government over the last four years took various measures to curtail expenses and increase revenue.
These efforts bore fruits and the deficit was brought down to five point eight per cent during the last financial year. He said the fiscal deficit has been budgeted at four point one per cent for the current fiscal year.
Rana Muhammad Afzal informed the house that the country's total debt stands at 62.5 billion dollars. He said the government is following Debt Limitation and Responsibility Act.
The Parliamentary Secretary said the annual development plan has been increased from 695 billion rupees in 2012-13 to 1577 billion rupees in 2016-17.
He said that exports, remittances and foreign direct investment have shown positive trend during the first quarter of current fiscal year. Exports have increased by 20 per cent and workers' remittances by over fifteen per cent.
He said the foreign exchange reserves are about 20 billion dollars.