Circular debt will be nullified by 2020, claims Hafeez Sheikh

Circular debt will be nullified by 2020, claims Hafeez Sheikh
Islamabad: Special Advisor to Prime Minister on Finance Hafeez Sheikh on Monday claimed that circular debt will be nullified by 2020, GNN reported.

As per detail garnered, Hafeez said that obliterated economy took sufficient time to become stable.

He explained that government signed agreements with International Monetary Fund (IMF) and friendly countries in order to strengthen the economy.

He added that IMF has expressed satisfaction over improving economic indicators.

“Reducing expenses and increasing revenue are the priorities of government for the current fiscal year”, concluded Hafeez.
He went on to say that government has allocated more funds for Poverty Alleviation program and Development schemes.

He mentioned that tax has been waved off for export sector in order to enhance exports whereas subsidy has also been given on electricity and gas bills.

He told that current account deficit has been reduced by 63 percent during the first quarter of the fiscal year due togovernment’s fair policy while trade deficit has been reduced by 33 percent.

He said that they are trying their best to collect Non Tax Revenue more than the target set.

He said “economic indicators will improve further in coming months”.