ISLAMABAD: The National Assembly was informed Friday that the foreign loans received during the tenure of present government from June 5, 2013 to September 2014 stood at US$9,750.87 million.
Responding to various questions during the question hour, Parliamentary Secretary for Finance, Rana Afzal Khan, however clarified that these loans does not include the bonds worth US$3,499.35 million and the loan of US$4,769.10 million provided by the International Monetary Fund (IMF).
He informed the house that the foreign debt had reached to 63.3% of GDP during the previous government which have now been reduced to 61% as of now and would be reduced further by the end of this financial year.
He said that as per the act, we 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.
He admitted that there was some shortfall in tax collection during the last quarter and expressed the hope that the target would be met in the ongoing quarter.
Replying to a question about sale out of Heavy Electrical Complex, the parliamentary secretary said the complex was being sold to the highest bidder M/s Cargil Holdings Ltd (CHL), however, the company failed to make the balance of payment o f Rs.225 million so the Privatization Commission revoked the Letter of Acceptance.
He informed the house that it was the election manifesto of the Pakistan Muslim League that businesses should be run in private sector and it was not job of the government. To a question about Axact, he said that investigation was going on at high level.
