ISLAMABAD:Minister of Finance Shaukat Fayyaz Ahmed Tarin on Friday apprised the Senate that debt to Gross Domestic Product (GDP) has reduced to 79.7 per cent from 86.84 per cent.
Replying to various queries during Question Hour, the minister said it was a fact that debt-to-GDP Ratio of Pakistan, as enunciated in Fiscal Responsibility and Debt Limitation (FRDL) ACT, 2005, should not be more than 60 per cent. It was exceeded during the tenure of past governments, he said. He said all out efforts were being made to reduce it further.
He said owing to prudent policies, the country’s GDP was increasing more than our estimates of five per cent growth. Export sector was being incentivized besides cut on duties on imports of raw materials for economic growth and more jobs creation, he added.
To a separate question, the Minister said National Census was a long exercise. An amount of Rs. 5 billion has been allocated at initial stage for financial year 2021-22. He reassured the provision of sufficient funds for the fair conduct of the next census in the country.
He said provinces would also provide their due share for this purpose.