Islamabad: Minister of State for Finance Hina Rabbani Khar told National Assembly (NA) budget deficit has swelled to Rs 2386 billion during the period from 2007 to 2010.
She said this while responding to questions in the house during question hour here Friday. Expenses incurred on security, subsidy on energy and food items, less inflow of remittances and higher expenses in the provinces is the main reason behind this increased budget deficit, she added.
In consonance with NFC Award, Rs 300 billion had been transferred to the provinces, she pointed out. But federation was holding the same responsibilities. Foreign aid would be received by us within next six months.
Government had obtained loan more than 1000 billion rupees from state bank and other banks during the period from March, 2008 to December, 2010, she stated.
She told budget deficit for the year 2010-11 stands at Rs 685 billion which constituted 4 percent of the GDP.
She informed that government had slashed its expenses by Rs 300 billion. However federation was still bearing the expenses in respect of the ministries transferred to the provinces, she added.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription