Pakistan witnessed one of smallest increases in public debt after Covid: Hammad

ISLAMABAD – Finance Minister Hammad Azhar on Friday said that Pakistan has witnessed one of the smallest increases in public debt in the world after Covid due to the policies of the incumbent government. 

“Pakistan’s fiscal response to Covid has been prudent and well-targeted, including re-allocation of spending to the most vulnerable through the landmark Ehsaas programme. As a result, Pakistan has witnessed one of the smallest increases in public debt in the world after Covid,” Azhar said on Twitter.

Meanwhile, Chairman of the Zarai Taraqiati Bank Limited (ZTBL) Board Nadeem Lodhi and President of the ZTBL Mohammad Shahbaz Jameel called on the Federal Minister for Finance, Muhammad Hammad Azhar, at the finance division. 

The Chairman ZTBL Board briefed the finance minister about the working and operations of the Bank. ZTBL, a leading agro-financing bank in Pakistan, has been extending loans to poor farmers, aimed at boosting national agriculture and empowering farmers at the grass root level. He also updated the minister about formation of the new Board and assured to further enhance the capacity of the bank in boosting agro-farming in the country. 

Hammad Azhar expressed his satisfaction with the steps, taken to reform ZTBL Board and hoped new management will augment the specialised operations of the bank. 

In other development, a delegation of senior members of the stone crushing associations, led by the Punjab Minister for Labour and Human Resource, Ansar Majeed Khan, called on the finance minister at the finance division. Ministry of Industries and Production’s Additional Secretary, Member (Operations) FBR and other senior officers participated in the meeting. 

The senior members of the stone crushing associations briefed the finance minister about the operations of the stone crushing industry, which is an important pillar of the construction industry as a whole. The delegation also apprised him on matters related to taxation, especially sales tax and requested to streamline the whole process by removing anomalies to facilitate stone crushing industry across the board. 

While welcoming the delegation, the finance minister stated that stone crushing is of fundamental importance as it provides building blocks for the construction industry. He lauded the valuable contribution of the industry and assured full cooperation and facilitation on the occasion. 

The finance minister directed the FBR to hold consultative sessions with the representatives of the stone crushing associations and work out modalities for smooth enforcement of taxation benchmarks (with sub-categories) after evolving consensus among key stakeholders. 

The finance minister reiterated the firm commitment of the government in promoting construction industry, which has triggered an impressive growth underpinning V-shape recovery amid COVID-19 pandemic. He outlined various stimulus measures, taken by the government to support the overall construction industry that led to a strong rebound in economic activity during the crisis, he added. 

Article source: https://nation.com.pk/10-Apr-2021/pakistan-witnessed-one-of-smallest-increases-in-public-debt-after-covid-hammad