Govt inherits huge financial crisis from previous regimes: Dr Hafeez

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh Wednesday said everybody should understand that the government had inherited huge financial crisis from the previous regimes.

The Pakistan Tehreek-e-Insaf (PTI) government had efficiently reduced the expenditures by adopting austerity measures, he said talking to a private news channel.

The adviser further said the interest rate was reduced from 13.25 percent to 7 percent due to economic growth in the country.

When PTI government came into power, it inherited huge burden of loans, he said adding as many as Rs. 2900 billion were being paid for repayments of loans this year.

Various prudent policies had been adopted for promoting business activities in the country, Dr. Hafeez said.