Twirp : Terrorist Wahabi Islamic Republic Pakistan 3

[Naresh]

<b>Debt servicing to reach Rs700bn : official</b>

<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->ISLAMABAD : <b>The plan of the government to go for borrowing of over $12 billion just from the International Monetary Fund (IMF) will expose the country to huge debt servicing that will eat up 44 per cent of tax collection</b> leaving meagre resources for defence expenditures and for paying salaries of employees, a senior official at Ministry of Finance told The News.

<b>“Pakistan is to utilise its resources of Rs700 billion on just debt servicing in the current financial year.</b> This year the government is likely to collect tax revenue of Rs1,260 billion and if Rs700 billion is consumed on just debt servicing and 2.9 per cent of GDP which is Rs300 billion on defence expenditure and the remaining amount is utilised on salaries and pensions of government employees, then the country would have nothing for development except loans.”<!--QuoteEnd--><!--QuoteEEnd-->

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