Foreign debt reduced to 61 percent of GDP, National Assembly told

ISLAMABAD: The National Assembly was informed on Friday that there was shortfall in tax collection target in the first quarter of the current fiscal year.
Responding to various questions during the Question-Hour, Parliamentary Secretary for Finance Rana Afzal Khan hoped that the tax target would be met in the ongoing quarter.
He said the foreign loans received during the tenure of the present government from June 05 2013 to September 2014 stood at $9,750.87 million. He clarified that these loans do not include the bonds worth $3,499.35 million and the loan of $4,769.10 million provided by the International Monetary Fund (IMF).
The parliamentary secretary informed the House that the foreign debt had reached 63.3 percent of GDP during the previous government which have now been reduced to 61 percent as of now and would be reduced further by the end of this financial year.
He said that as per the act the government cannot take debt more than 60 percent of GDP, adding that the government was aware so it would not think of crossing this limit. He said that the government was focusing on strengthening the economy, reducing energy costs, enhance exports and reduce cost of doing business which would help develop the country on sustainable grounds.
Replying to a question about sale out of Heavy Electrical Complex, Rana Afzal said the complex was being sold to the highest bidder Cargill Holdings Ltd (CHL), however the company failed to make the balance of payment of Rs225 million so the Privatization Commission revoked the Letter of Acceptance.
The parliamentary secretary informed the House that it was the election manifesto of the Pakistan Muslim League-Nawaz (PML-N) that businesses should be run in private sector and it was not the job of the government. To a question about Axact, he said that an investigation was going on at a high level.