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Government inherited a fragile economy that was on the verge of default: Ayesha Ghousi MPNRC

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ISLAMABAD (APP) – Dr Ayesha Ghaus Pasha, Minister of State for Finance and Revenue, said on Thursday that despite financial constraints and tough terms with the International Monetary Fund (IMF) by the previous regime, the current coalition government had presented a balance budget and measures. was announced. To protect the weaker sections of the society.

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Concluding the budget debate in the Senate for fiscal year 2022-23, the minister said the government had inherited a fragile economy that was on the verge of default, coupled with widening trade and budget deficits, where foreign exchange reserves were reached. lowest level.

Besides, he said rising inflation, rising petroleum prices and mounting circular debt coupled with prolonged power cuts were other issues that needed immediate attention.

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The minister said that the PTI government also cut down on the public sector development programme, which slowed down the infrastructure development work in the country.

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He said that under the current circumstances, the government had presented a balance budget, in addition to honoring international commitments to stabilize the national economy.

Apart from the tough conditions agreed with the IMF by the previous regime, he said the current government had announced various measures for economic stabilization, infrastructure development and protection of the underprivileged sections of the society to achieve inclusive growth.

To protect the vulnerable and low-income people earning less than Rs 40,000 per month, the government has introduced a relief package and provided Rs 2,000 apart from providing targeted subsidies on other essential food items.

Dr. Ayesha apprised the Upper House that the government has also announced to ensure provision of essential commodities at concessional rates as it is providing five major essential commodities including flour, ghee, sugar and pulses at controlled rates.

He said that the agriculture sector is the backbone of the country’s economic development and the government in its federal budget had introduced several measures to promote and develop this sector and exempted seeds, tractors and other inputs from tax duty.

The ministers highlighted the government’s decision to reduce its expenditure and that specific steps were being taken to ensure austerity and reduce non-productive expenditure.

The Minister also appreciated the efforts of all the members of the Senate Standing Committee on Finance for making their productive recommendations to make the budget more viable and productive for policy making and fiscal planning.

He told that the committee had received about 29 recommendations regarding income tax and 21 recommendations for sales tax.

The Minister of State for Finance and Revenue said that about 27 recommendations were received for the newly merged districts, which are being considered and will be considered.

He called upon all the stakeholders to make coordinated efforts for the development of the national economy and social prosperity of the country.

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