Hafeez says fiscal deficit may top 8pc of GDP

“Barring exports, remittances and some better expectations from wheat output, all economic indicators including from agriculture, industry and even services are behind target,” he said. - File Photo

ISLAMABAD: Finance Minister Dr Abdul Hafeez Shaikh finally confirmed on Tuesday that the country`s fiscal deficit could cross eight per cent of GDP (Rs1,368 billion) in case the business as usual continued and the political leadership failed to take tough economic decisions. 

The dramatic disclosure came after Prof Khursheed Ahmad of Jamaat-i-Islami told reporters that the government`s parliamentary committee had painted a very bleak picture of economic indicators.

Corruption-free tax system primary objective: Shaikh

The Finance Minister instructed FBR to formalize the recommendations for their early approval by the government. - File Photo.

ISLAMABAD: Minister for Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Shaikh said on Sunday that a fair, equitable and corruption-free tax system is a primary objective of the government  The minister said this while chairing a day-long meeting of the Tax Reform Coordination Group (RCG) here.

The meeting was attended by the Members of RCG, Deputy Chairman Planning Commission, Governor State Bank of Pakistan, Secretary Finance, Chairman FBR, FBR officers and Ministry of Finance officers.