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Pakistan took no new loans in last quarter: finance adviser

Hafeez Sheikh says the Rs36.4 trillion debt figure remains same

SAMAA | - Posted: Nov 17, 2020 | Last Updated: 6 months ago
SAMAA |
Posted: Nov 17, 2020 | Last Updated: 6 months ago
Pakistan took no new loans in last quarter: finance adviser

Adviser to the PM on Finance Dr Abdul Hafeez Sheikh has said that prudent economic policies by the government have resulted in Pakistan obtaining no new loans from July to October 2020.

He was addressing a press conference along with Minister for Information and Broadcasting Shibli Faraz.

Sheikh said the debt figure of Rs36.4 trillion remains the same for the period.

He said the government did this by decreasing expenses of the cabinet, prime minister house and the defence budget. “We have given no supplement apart from the budget.”

Sheikh said that claims about wheat shortage in Pakistan are wrong. The government has ensured sufficient stock of basic necessities, he added.

The PM’s adviser said the prices of commodities will also decrease as our currency valuation has changed.

Sheikh detailed some other reasons the economy is improving. There has been a 5% increase in the large-scale manufacturing from July till October, automobile and fertilizer sectors have also increased their production, he said.

The country’s exports have increased and the rupee is stable now, according to the finance adviser.

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