ISLAMABAD - Federal Minister for Finance, Revenue and Planning and Development Dr Abdul Hafeez Sheikh on Friday informed National Assembly that government had printed currency notes worth Rs 1,166 billion during last four year (2007-08 to 2010-11) that added inflationary pressures.

In a written reply in the National Assembly, the Finance Minister informed that printing of currency notes does not necessarily cause inflation directly, as it adds inflationary pressures. To overcome the problem of increasing inflation, it has been contained to 10.8 per cent in March 2012 as compared to 13 per cent in the same period last year (March 2011) through right monetary policy and maintaining fiscal discipline. 

The Finance Minister has informed the house that total value of loss estimated by State Bank of Pakistan (SBP) is Rs 1,193.38 million at the time of Benazir Bhutto’s martyrdom as ATMs and banks were looted in the country during period from December 27th 2007 to 31st December 2007.

The Finance Minister has also informed that borrowing from State Bank of Pakistan (SBP) has reduced in previous fiscal year, as it remained in negative (-Rs16.9 billion) in 2010-11 as against Rs 688.7 billion of 2007-08. In a written reply, Dr Sheikh said that borrowing from central bank remained at Rs 114 billion in 2008-09 and Rs 41.9 billion in 2009-10.

Dr Abdul Hafeez Sheikh in another question replied that government took several steps to restrict fiscal deficit at 4.7 per cent of the GDP during the ongoing financial year 2011-12, as austerity measures are being implemented and expenditures are being monitored on monthly basis and efforts are being made to avoid un-budgeted expenditures.  

Finance Minister has also informed the National Assembly that per capital income has increased in last four years and there was a significant growth. The GDP per capita in rupee term in 2008 was 77,718, in 2009 it was 89,694, in 2010 it was 107,508 and in 2011 it was 119,760. The parliament was informed that total amount of foreign exchange sent to country by the overseas Pakistanis during the last thee years is $37.65 billion.

The Finance Minister in a written replay said that a number of measures have been taken to reform tax collection system and significant progress has been made in this regard.

IMRAN ALI KUNDI

ISLAMABAD - Federal Minister for Finance, Revenue and Planning and Development Dr Abdul Hafeez Sheikh on Friday informed National Assembly that government had printed currency notes worth Rs 1,166 billion during last four year (2007-08 to 2010-11) that added inflationary pressures.

In a written reply in the National Assembly, the Finance Minister informed that printing of currency notes does not necessarily cause inflation directly, as it adds inflationary pressures. To overcome the problem of increasing inflation, it has been contained to 10.8 per cent in March 2012 as compared to 13 per cent in the same period last year (March 2011) through right monetary policy and maintaining fiscal discipline. 

The Finance Minister has informed the house that total value of loss estimated by State Bank of Pakistan (SBP) is Rs 1,193.38 million at the time of Benazir Bhutto’s martyrdom as ATMs and banks were looted in the country during period from December 27th 2007 to 31st December 2007.

The Finance Minister has also informed that borrowing from State Bank of Pakistan (SBP) has reduced in previous fiscal year, as it remained in negative (-Rs16.9 billion) in 2010-11 as against Rs 688.7 billion of 2007-08. In a written reply, Dr Sheikh said that borrowing from central bank remained at Rs 114 billion in 2008-09 and Rs 41.9 billion in 2009-10.

Dr Abdul Hafeez Sheikh in another question replied that government took several steps to restrict fiscal deficit at 4.7 per cent of the GDP during the ongoing financial year 2011-12, as austerity measures are being implemented and expenditures are being monitored on monthly basis and efforts are being made to avoid un-budgeted expenditures.  

Finance Minister has also informed the National Assembly that per capital income has increased in last four years and there was a significant growth. The GDP per capita in rupee term in 2008 was 77,718, in 2009 it was 89,694, in 2010 it was 107,508 and in 2011 it was 119,760. The parliament was informed that total amount of foreign exchange sent to country by the overseas Pakistanis during the last thee years is $37.65 billion.

The Finance Minister in a written replay said that a number of measures have been taken to reform tax collection system and significant progress has been made in this regard.