‘Economic indicators point to improvement’
Fawad Chaudhry says PTI govt inherited elevated levels of debt servicing
Information minister Fawad Chaudhry during a press briefing following a meeting of the federal cabinet, in Islamabad on June 8, 2021. SCREENGRAB
ISLAMABAD:
When the current government came to power, Pakistan was facing daunting challenges such as a high current account deficit, which has now been curbed significantly due to sound fiscal policies, said Federal Minister for Information Fawad Chaudhry.
Briefing the media on Wednesday, he said that at present, economic indicators were pointing towards improvement in the national economy despite the Covid-19 pandemic.
“All high-frequency data shows improvement in the economy and growth rate is being predicted at about 3.94%,” he said.
Foreign loans jump over 35% to $10b
Around 88% of these borrowings were for budget and forex reserves support
Nearly 87% of foreign loans were for budget financing and building foreign exchange reserves, which meant that these had not been utilised for creating assets. PHOTO: FILE
ISLAMABAD:
The government’s foreign borrowings jumped over 35% to $10 billion during first ten months of this fiscal year and 88% of the loans were meant for budget and foreign exchange reserves support, which has further weakened the debt bearing capacity.
The foreign lenders disbursed $10 billion in loans during the July-April period of the current fiscal year, the Ministry of Economic Affairs reported on Tuesday. The lending was higher by over 35% or $2.6 billion during the same period of the last fiscal year, showed the official statistics.
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Fawad Chaudhry s followers cross 4 million mark on Twitter
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File photo of Federal Minister for Information Fawad Chaudhry.
Federal Minister for Information Fawad Chaudhry, who is known as one of the most followed and active politicians on social media, has recently crossed the four million mark on Twitter.
The lawmaker is actively seen interacting with his followers on the micro-blogging site with the latest updates of political affairs, his party, and the overall situation in the country.
SCREENGRAB/Twitter.
The information minister created his official account on Twitter back in 2010 and follows over 2,600 people on the social networking site to date.