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Saturday, November 9, 2024

Home Business Exports, remittances should be increased to reduce borrowing: Zahid

Exports, remittances should be increased to reduce borrowing: Zahid

by News desk
January 21, 2021
in Business

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Staff Reporter

Karachi

Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said a slight reduction in government borrowing has been noticed.
The government has borrowed Rs899b in the first five months of the current fiscal pushing debt to s24.11 billion while its favourite tool remained Pakistan Investment Bonds, he said.
Mian Zahid Hussain said that the current government on average borrowed Rs397.60b during the last 28 months but now its reliance on borrowing has reduced to some extent. Talking to the business community, the veteran business leader said that dependence on the loans can only be reduced if production, exports and remittances are boosted while tax net is expanded.