ISLAMABAD, Pakistan: The National Assembly was informed on Friday that there were over $57 billion total foreign debt of Pakistan.
During Question Hour in the Lower House of the Parliament on Friday, the Parliamentary Secretary for Finance, Revenue, Economic Affairs, Statistics and Privatization Rana Afzal Khan told that when the present government took over, the debt was 2 to 3 percent more than the limit described in Fiscal Responsibility and Debt Limitation Act and it was 63 percent to gross domestic product (GDP), adding that the government brought it under 63 percent.
Rana Afzal said that the Country’s GDP had now been improved and its pay back capacity increased.
The Parliamentary Secretary said that there was no need to seek new loans from the International Monetary Fund (IMF) since the country had stable economic conditions.
To another question, he said that tax collection increased by 62 percent during the last three years. He said that transparency was being ensured in property transactions by adopting latest technologies and principles.
Rana Afzal Khan informed that out of $46 billion China-Pak Economic Corridor (CPEC) project, $35 billion were private investment which was being extended by Chinese. He said that Pakistan would buy electricity from these companies.
The Parliamentary Secretary said there were about $11 billion soft loan having about 2 percent interest rate. He said these loans would be spent on roads and railway projects.
In reply to a question, he told the House that all arrangements had been finalized to conduct new population and housing census from March 15. He said that the new census would start and end at the same time across the country and the whole process would be completed within two months.
The Parliamentary Secretary said that provincial governments had appointed their representatives as focal persons for census activities and Rs 14.5 billion had been allocated for census.