ISLAMABAD: Minister of State for Finance Rana Mohammad Afzal Khan said that the government would have to repay $6 billion on account of foreign debt servicing over next six months.
Rana Afzal, while talking to media, said: “We are not going back to the IMF but we will have to manage repayment of $6 billion up to June 2018. We have devised strategy to go for borrowings as all other options are opened in front of us.”
Pakistan’s foreign currency reserves stood at $20.18 billion including $14.13 billion held by the State Bank of Pakistan (SBP) and $6.05 billion by the commercial banks despite raising $2.5 billion from international bonds last month. During the week ending 22nd December, 2017 the SBP’s reserves decreased by $199 million to $14.133 billion, due to external debt and other official payments.
The minister disclosed that Prime Minister Shahid Khaqan Abbasi chaired tax reform plan under which the FBR would sent out ‘polite tax notices’ to 10,000 potential non-filers who were identified with data on the basis of their luxurious life style and spending. “There is potential of 4 million non-filers but we have decided launching of broadening of tax base campaign from identified 10,000 non-filers from January 1, 2018,” he added.
