ISLAMABAD – Minister for Economic Affairs Hammad Azhar has said thegovernment has set the target of reducing fiscal deficit to four percent inthe next one or two years.
Speaking in the Senate Friday during Question Hour, he said our fiscaldeficit for the first quarter of current financial year remained within thetarget rather according to the IMF we over-performed in this area.
Hammad Azhar said the government took difficult decisions to save thecountry from default. He said we retired over ten billion dollars of debtin the first year which is the highest made by any government. He saidforeign exchange reserves are also on upward trajectory.
The Minister said revenue collection has also witnessed growth during thefirst half of current fiscal year and efforts are afoot to enhance non-taxrevenue. He said the private sector will be provided with an enablingenvironment to create job opportunities for the youth.
Hammad Azhar said the government has forecast to gradually reduce the debtto GDP ratio. For this purpose we will enhance our revenues and foreignexchange reserves besides cutting expenditures.
Minister for Parliamentary Affairs Azam Khan Swati told the House that theprocess has been started to get approved regulations to ensure safetystandards in the vehicles.
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Minister for Economic Affairs Hammad Azhar said that commerce and financeministries and the State Bank of Pakistan are in consultation to revive thesick industrial units. He pointed out that the flawed policies of previousgovernments adversely damaged these units. He said different proposalsincluding restructuring of their loans are being considered to revive themand enhance the exports.
Speaking on a motion, the Senators stressed the need for women emancipationand empowerment. They said the political parties need to work together forthis purpose. They said the provincial governments should also come upwith legislation to ensure women rights in inheritance as has been done inthe federal capital. They also deplored the incidents of violence againstwomen and demanded those involved in such incidents should be brought tojustice.
The House will now meet again on Monday at 3 p.m.
