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Foreign exchange reserves not built with borrowed money, says Dar

“The country obtained 15.5 billion dollars in three years and paid back 10 billion dollars of loans secured by previous governments,” he said while addressing a ceremony at Federal Board of Revenue in Islamabad

Dar said collection of Rs 3112 billion taxes during last year is a historic achievement.

Read more: Dar unveils budget 2016-17, pitches GDP growth target at 5.7pc


He pointed out that the tax collection target for the year has been achieved without any downward revision.

The Minister said 60% increase in tax collection during the last three years has brought down the budgetary deficit from 8.8% of the GDP in 2013 to around 4.5% now.

He said the country achieved GDP growth rate of 4.7% last year and the Government is determined to take it to 7% over the next two years.

Dar expressed confidence that the tax collection target of 3612 billion rupees for the current financial year would also be achieved. He said this is the highest growth target in terms of exact numbers in any fiscal year in the country.

The Finance Minister said foreign exchange reserves at 23 billion dollar have also peaked to the highest in the history of the country.



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