Dr Ishrat Hussain, Governor, State Bank of Pakistan, has categorically refuted the allegations that foreign loans amounts have been added to boost foreign exchange reserves of the country and said that due to the positive policies of the government, the country's exports had been increased by 20 percent.
Talking to newsmen soon after his address to members of Hyderabad Chamber of Commerce and Industry he said that in the past the country was paying 60 to 65 percent of its revenue to reimburse its foreign debt, which has now been reduced 30 to 32 percent, and in next few years it will be further reduce to 25 percent. He said that at the same time the foreign debt, which was around $38.5 billion has declined to $35 billion.
He said that foreign exchange reserves have nothing to do with poverty, and regretted that "we had been neglecting the interest of poor and downtrodden people over our personal interests".
He said: "We will have to work very hard to meet the challenges of 21st century."
He said that to achieve this objective, national cohesion was a prerequisite and all petty differences and personal interests would have to be discarded.
He said that to get rid of a host of taxes the government is trying to broaden the base of income tax.
He said it was an irony that only 1.7 percent out of 145 million people are paying taxes but once the number of taxpayers increases the people would get rid of surcharge on utility bills.
He said that revolutionary changes have been introduced in banking sector and more than 70 percent branches of banks have been connected with electronic system to minimise the problems of traders.
In reply to a question he said that at present there have been no talks with regard to banking sector with India. However, if future, when relations would further improve, talks could be initiated on this subject.
He said that travellers cheque is meant for travelling and its quantum cannot be increase at this stage.
Regarding bank loans for housing purposes he said that banks in Hyderabad have not initiated housing loans because of defective entitlement of property, and suggested that industrialists and traders, with consultation with HDA and
district government, should resolve the issue of entitlement so that the banks could commence housing loans in Hyderabad.
He regretted the fractured civic infrastructure of Hyderabad city, once known for its grandeur, and added that the city is paying Rs 17 billion and deserve a fair treatment for improving its civic infrastructure.
Comments
Comments are closed.