IMF loan of $6b to bring sustainable economic growth: Finance Advisor

 
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Islamabad, July 04 (TNS): Advisor to PM on Finance Dr Abdul Hafeez Shaikh says IMF’s loan of six billion dollars will bring sustainable economic growth to the country.

Addressing a news conference along with Minister of State for Revenue Hammad Azhar and FBR Chairman Shabbar Zaidi in Islamabad on Thursday, he said no member of the IMF Executive Board opposed the loan program for Pakistan.

The Advisor said the approval of the Extended Fund Facility by IMF has sent across a positive message about Pakistan, encouraging other international financial institutions to release funds to Pakistan.

He said Asian Development Bank will provide 3.4 billion dollars additional funds, and 2.1 billion dollars of the amount will be released this year. He said World Bank will also give additional funds to Pakistan.

The Advisor said these funds will be used for budgetary support.

Hafeez Sheikh said Pakistan government is giving a message to the world that as a responsible state the country is taking measures to overcome its economic challenges.

He said the budget envisages measures to reduce government expenditures, collect tax from the rich and provide relief to the poor.

He said the funds for social safety net have been doubled from 100 billion rupees to 191 billion rupees. He said there will be no additional burden on electricity consumers of up to 300 units.

He said business sector has been offered different incentives, including subsidy on gas, electricity and loans. He said the export sector has been exempted from tax and duty on various items of raw material has been decreased to facilitate the industrialists and exporters.

Briefing media persons about the Asset Declaration Scheme, the advisor said as many as 137,000 people got registered under the scheme, which is the highest ever number of any amnesty scheme. He said most of these people are non-filers.

He said people paid seventy billion rupees tax, and assets worth 3,000 billion rupees were declared under the scheme. He said the government will now focus on reforming FBR to achieve the target of 5500 billion rupees revenue in the current fiscal year.