Home »Top News » Pakistan Top News » Dar admits rupee devaluation due to retirement of debt; says three year economic revival plan prepared

imageISLAMABAD: Finance Minister Senator Ishaq Dar has said that the value of rupee depreciated due to repayment of Rs342 billion loan but emphasized that the government was taking effective steps for economic stability, transparency and good governance.

In an interview, Dar hoped that the rupee would regain its value in the next few weeks due to the strategy of the government.

The finance minister said that the government would also clear the remaining portion of circular debt in the next few weeks. He said it is the endeavour of the government to resolve the circular debt issue within July, 2013. He said an aggressive policy has been framed to ensure increase in revenue collection by 25% during the financial year. He said those involved in tax evasion would be brought into the tax net.

Ishaq Dar said it would be the utmost endeavour of the present government to increase tax to GDP ratio.

He said under the direction of Prime Minister Nawaz Sharif, a three year plan has been prepared to get the country out of economic challenges. He said it is a full pledged programme to put the economy back on track.

The finance minister said there was no harm in obtaining loan from the World Bank and IMF as Pakistan is their members. He said the government is acquiring loans to repay those obtained by the previous governments. He said the nation should not be perturbed over this development and assured that the economy would be put on the right direction. He said the Economic Group formed under the direction of the Prime Minister is keeping a close watch on the situation and no agreement or action would be taken that would hurt the national economy.

Ishaq Dar said the government has held talks with Qatar for import of LNG but made it clear that no agreement has been reached to import it for 20 years. He said the government would enter into agreement for LNG after reviewing the market situation.

Copyright INP (Independent News Pakistan), 2013

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