Summary Loans were taken for the sake of development projects, says Finance Minister
ISLAMABAD (Dunya News) – Finance Minister Ishaq Dar on Tuesday said that global community recognised Pakistan s economic growth in past three years and those predicting that Pakistan would go bankrupt had been proven wrong, reported Dunya News.
Addressing a ceremony organised by Federal Board of Revenue (FBR), Dar said that FBR had been set free from every kind of pressure. For the past three years, the impact of monetary policy could be seen in country’s economy and that foreign exchange reserves reached the highest level in national history, Dar said.
In the past three years, fiscal deficit had been reduced to 4.5 pc from 8.8 pc and tax income increased to 60 pc, Dar added. The minister said that loans were taken for the sake of development projects, however, increase in tax income was necessary for development.
