96.5% increase in national debt in 8 years: Dar

ISLAMABAD—Minister for Finance, Revenue, Economic Affairs and Statistics Muhammad Ishaq Dar on Friday said that the national debt has swelled to 96.5 percent during the last eight years thus bringing the total value to Rs 5,700 billion in 2007 from Rs.2,900 billion in 1999.
Speaking during the Question Hour in National Assembly, the Minister said during last 52 years, the country received debt of Rs.2,900 billion while the figures touched Rs.5,700 mark within last eight years after the democratic government was ousted.
He said the previous government under-budgeted several non-development expenditures and till 2007, the figure has reached Rs 1475 billion.
He said the previous government also under-budgeted the interest payment, adding that the interest of around Rs.420 billion is yet to be disbursed.
Dar told the House that the he would present before the House the complete balance sheet of the total expenditures and the matter should be referred to the finance committee which would better resolve the issue.
Responding to a question, the finance minister said the total amount of loan/grant received (disbursed) by the government from abroad during the last three year (2004-07) is US$ 11,350 million.
He said there is a need to maintain our discipline to streamline the national economy, and added that the economical condition cannot be improved if we could not control our expenditures.
He said the national economy suffered huge loss during the tenure of the previous government and added that it is the House to decide the fate of those who are responsible for reaching this huge loss to the national exchequer. Regarding the fate of the advisors and the federal ministers of the previous cabinet allegedly involved in these malpractices, he said it would be premature to single out any individual rather it would be better if the matters is discussed in the House and let it decide the fate of those responsible in this issue as well.—Agencies