Government gets Rs 70 billion taxes through amnesty scheme : Dr. Abdul Hafeez Sheikh

Islamabad (Pakistan Point News / Online - 04th July, 2019) Advisor to Prime Minister on Finance Dr. Abdul Hafeez Sheikh has said that some 135,000 persons were registered, while about 100,000 people became new filers and government got tax revenue of Rs 70 billion during assets declaration scheme in addition to nameless properties .

While speaking a press conference on Thursday along with State Minister for Revenue Hammad Azhar and Chairman FBR Shabar Zaidi here he said that the bailout package of IMF is for the three years and Pakistan would get two billion Dollars each year on less than three percent markup that would be changeable .

This package would bring economic stability as well as confidence of investors. This IMF's programme is known as extended fund facility and it may be returned within the period of ten years.He said that by implementing IMF's programme, a solid foundation would be provide to national economy .

The agreement with IMF would also pave the way for the loans of 38 billion dollars from the other international organizations .The first installment of the loan consisting of one billion dollars would be received before 8th July from IMF.

Giving breakup of the 38 billion dollars loan with in next three year, he told the journalist that out of it , some 8.7 billion dollars would be project loan', 4.2 billion dollars would be budget support loan'.

Similarly the country would get 14 billion USD on account of running loan while almost 8 billion dollars would be commercial loan. He said that all the board members of IMF have supported Pakistan's request and no one opposed it .

It happens due to the reason that Pakistan presented her case I n befitting manner.The advisor informed the media that Asian Development Bank would give additional loan of 3.4 billion dollars , out of which Pakistan would get 2.

1 billion USD during the current year , whereas negotiation is underway with World Bank for extra loan funding for budget support."Pakistan is sending a message to the world that we would control our expenses ,take difficult decisions collect taxes and enhance the capability to earn dollars and it is only possible if we increase our exports", he said by adding that this year the government has reduced its expenditures and cut the civil budget by Rs 50 billion.

It also froze the defence budget , which is in fact is as par with trimming down defence expenditures.He said that under the institutional reforms , State bank has been given more autonomy as it may take its own decisions in better way .

Now the state would privatize those organizations like the electricity distribution companies which had been failed to show better performance in the past and caused burden on the economy.He was of the view that a list of government owned entities might be prepared and government may decide it can run which institutions and which could be handed over to private sector.

It is very much possible that this list could be made till September 2020.He said that the present government got the inland and foreign debts of Rs 3000 billion in inheritance from the previous governments.