*ISLAMABAD - ** PTI government sets highest ever revenue target of history for FY 2019-2020.*
*FBR chief Shabbar Zaidi has been given a Rs5,550 billion tax collection target for the next fiscal year, said Finance Adviser Dr Hafeez Shaikh.*
He was speaking at a press conference held in Islamabad. FBR chief Shabbar Zaidi, Special Assistant to the Prime Minister for Information and Broadcasting Firdous Ashiq Awan, Federal Minister for Power Omar Ayub, Minister of State for Revenue Hammad Azhar and Federal Minister for Planning, Development and Reforms Makhdoom Khusro Bakhtyar were also present on the occasion
He explained the situation of the economy after the previous government’s tenure ended, highlighting that the foreign loans Pakistan took had amounted to around $100 billion. In the previous government’s last two years, our reserves fell from $18 billion to less than $10 billion, he said.
The performance of exports in the last five years has been 0% and our deficit was $20 billion, said Shaikh, adding that the devaluation of the dollar had started by December, 2017 and the momentum of growth had broken while inflation was rising.
The immediate responsibility given to the [new] government was not to let things slip away, he said, adding that a basic structure needed to be made to better the situation.