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Govt to make repayments of $8b debt during FY2018-19: Hammad Azhar

Govt to make repayments of $8b debt during FY2018-19: Hammad Azhar

ISLAMABAD: Minister for Revenue Hammad Azhar has informed the Senate Committee on Finance that government will make payment of $8 billion worth repayment of debt during this financial year despite the grave situation of current account deficit and depleting reserves.

Briefing Senate’s Committee Hammad Azhar said that the new government is facing the challenges of huge current account deficit and fiscal deficit. Hammad Azhar further said it was unconstitutional to bar someone from purchasing vehicles or property. As per the constitution every citizen has the right to own property.

Senate Standing Committee on Finance Revenue and Economic Affairs in its meeting discussed at length whether the Finance Supplementary (Amendment) Bill, 2018 will come into force from the day it is signed by the President or will be retrospective in nature and apply to the whole financial year.

The meeting was chaired by Senator Farooq Hamid Naek at the Parliament House and was attended among others by Senators Mohsin Aziz, Khanzada Khan, Haroon Akhtar Khan, Musadik Malik, Muhammad Ateeq Sheikh and Talha Mehmood, Minister of State for Revenue Hammad Azhar, Chairman Federal Board of Revenue and officers from FBR.

The committee after thorough debate and insight from the members, FBR and the minister took the decision to a vote among members and decide with a vote of 3-2 that the finance amendment bill should come into effect from the day it is signed by the President and not from July 1, 2018.

The committee deferred the decision on the removal of bar of purchase of property for non-filers till the next meeting to be held on Thursday (today) after minister of state can consult the matter with Federal Minister for Finance Revenue and Economic Affairs and come up with a proposal.