Loans hurdle to Pak uplift, says Munter

KARACHI – US ambassador to Pakistan Cameron Munter has said loans secured by the government have a major hurdle in the way of development in private sector. He said this while addressing members of Karachi Stock Exchange and later talking to media men here on Monday.

He went on to say that tax to GDP ratio in Pakistan was the lowest in the world. Subsidy being provided to the public sector enterprises is double in size than the Kerry Lugar Bill. Government is allowing subsidy to the tune of 20 billion dollars. He held that debate on RGST was continuing but RGST would not alleviate the difficulties being faced by the country. Some thing more will have to be done in this respect, he stressed. The affluent would have to pay the taxes, he added.

He hoped RGST would be levied with the consensus of provinces, he added.

He observed that the incumbent government was working for the growth of national economy. Economic development of every country relies on economic policies, he added. US wanted business community of Pakistan to flourish, he noted. Work was underway to give Pakistani products access to US markets, he told. US was Pakistan ally and would extend every possible assistance to it, he remarked.

US imports the largest share of Pakistani exports, he told. Business community of Karachi should remain in contact with the political persons in Islamabad, he maintained.

State Bank should pursue long term policy in the national interest, he urged. US was working in collaboration with Pakistan in energy sector, he indicated. Foreign investment was must to overcome energy crisis, he stressed. US would provide 108 million dollars to Pakistan to control energy crisis, he told – Dailymailnews