ISLAMABAD – Stressing the need for economic reforms, Finance Minister Dr Abdul Hafeez Shaikh on Tuesday said that if appropriate reform measures are not taken in time to contain the fiscal deficit then it might go up to 8 percent of the GDP during the current fiscal year.
However, he said, the government will not allow it to happen and will take appropriate measures. “Some of the measures taken by the government have reduced the fiscal deficit below 3 percent of GDP for the first six months of the current fiscal year.”
Talking to reporters after briefing MNAs and senators from PML-F, MMA and FATA, the minister said that they were estimating a budget deficit of 3.2 to 3.3 percent GDP for the first 6 months of current fiscal year but various measures taken by the government helped contain it below 3 percent of the GDP.
However, he avoided answering questions that sought explanation on the measures that helped contain the fiscal deficit.
