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Pakistani Prime Minister Imran Khan Says Rising External Debt Is A “National Security” Issue

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Pakistani Prime Minister Imran Khan said on Tuesday that rising foreign debt coupled with poor tax recovery had become a “national security” problem because the government did not have enough resources to devote to the welfare of the country. population.

“Our biggest problem is that we don’t have enough money to run our country, which means we have to borrow loans,” Khan said at the inaugural ceremony of the Tracing and Tracing System (TTS) of the Federal Bureau of Revenue (FBR). ) for the sugar industry in Islamabad.

He said that due to the lack of resources, the government had little to spend for the welfare of the masses.

Khan said rising external debt and low tax revenues had become a “national security” issue. He lamented that the dominant culture of not paying taxes was a legacy of colonial times when people didn’t like paying taxes because their money wasn’t spent on them.

He said that due to the inability to generate local resources, successive governments have resorted to loans.

Khan said his government had secured $ 3.8 billion in new foreign loans in the past four months.

Data from the Ministry of Economic Affairs showed the borrowing was $ 580 million, or 18%, higher than loans obtained in the same period last year.

Khan also criticized the two previous governments from 2009 to 2018 for securing massive loans. He said Pakistan could only overcome the “vicious cycle of debt by paying taxes.”

He praised the RBF for increasing tax collection, aiming to reach a tax target of Rs 8 trillion this year, and also launched the TTS which had been under consideration since 2008.

Under the TTS, no bag of sugar production will be taken out of the factory and manufacturing plant without a stamp and individual identity mark.

In the next phase, the FBR planned to introduce the track and the system in the oil and beverage sector.

Earlier, financial adviser Shaukat Tarin said there were only 3 million taxpayers in Pakistan out of 220 million people, but warned that using the technology, the government had identified 1.5 million potential taxpayers and asked them to pay taxes before action was taken against them. .

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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