Economic Survey 2018-19
Advisor on Finance Dr. Hafeez Shaikh presented the Economic Survey for the Year 2018-19 and said present government has inherited debt of 31,000 Billion RUPEES and 3000 Billion Rupees will be paid as interest every year.
Advisor on Finance briefing the media said the present government has borrowed hundred Billion Dollars from other countries as we have failed to increase exports in previous years.
He said Foreign Reserves have been dropped to nine Billion Dollars as no steps were taken for promotion of exports in past.
Talking about trade gap Dr. Hafeez Sheikh said it stands at thirty two billion dollars.
Hafeez Sheikh said the present government has forced to take harsh steps and added that the current account deficit is being reduced.
He said incentives have been given to increase exports.
He said Saudi Arabia has granted three point two billion dollars oil facility on deferred payments.
Hafeez Sheikh reiterated that we have to focus on skill development to compete the rest of the World.
He said assets declaration scheme has been launched to broaden Tax Net, besides two hundred sixteen billion rupees have been reserved as subsidy for low end power users.
He said new schemes will be launched for social safety.
Dr. Hafeez Sheikh said the austerity measures will be focused in the Budget.
Talking to journalists Dr. Hafeez Sheikh said he wanted to present true picture of present Economy of Pakistan.
He said steps are being taken to create jobs and the government is steering the country out of crisis.
He assured that the country's resources are being utilized for economic betterment.