Govt has reduced circular debt: Hafeez Sheikh

Islamabad: Prime Minister’s Advisor on Finance Hafeez Sheikh said Sunday the government had succeeded in reducing the circular debt to less than 10 billion rupees.

Addressing a news conference in Islamabad, he said when the government came into power the country was heading towards bankruptcy, but under the objective of economic stability, a number of steps were taken to control our Dollar Reserves.

He said government expenses were reduced through austerity measures and current account deficit was also reduced over 70 percent.

Sheikh said 600, 000 additional tax payers were registered. He said a new system has been introduced since 23rd of the last month under which speedy refunds are given to the business community. Now, refunds will be automatically ensured on 16th of every month.

The Advisor said the process of privatization has been expedited and state owned enterprises will be restructured in a fast track manner to improve their performance.

He said the government is considering privatization of National Bank of Pakistan and State Life Insurance for better results.

The Advisor said value of rupee has improved resulting in a benefit of 246 billion rupees in loans.

He said 250 billion rupees have been allocated for the development of agriculture sector.

Sheikh said the government fixed the economic growth target of 2.4, which will be achieved easily due to prudent economic policies of the government.