Task Force Constituted To Bring Back Looted Money: Asad Umar

Task force constituted to bring back looted money:  Asad Umar

Minister for Finance, Revenue and Economic Affairs Asad Umar Monday said that the government had constituted a task force to bring back the looted money which had been stashed abroad illegally.

ISLAMABAD, (UrduPoint / Pakistan Point News - 24th Sep, 2018 ) :Minister for Finance, Revenue and Economic Affairs Asad Umar Monday said that the government had constituted a task force to bring back the looted money which had been stashed abroad illegally.

Responding to the budget debate of the Leader of the Opposition in National Assembly, Muhammad Shehbaz Sharif, he lamented that the Pakistan Muslim League-N (PML-N) government did not take any action against the looters, money launderers, who had stashed the looted money abroad.

The PTI government in its first cabinet meeting had decided to bring the looted money back, he said. The minister said a special assistant had also been appointed for the purpose.

He said the government had increased gas prices for the rich and only 10 percent increase had been announced for lifeline consumers of the natural gas. While 143 percent increase in gas tariff had been announced for the rich consumers. The government would ensure the poor was not burdened, he added.

He said that Rs 154 billion deficit in gas sector was the gift of previous PML-N government. The Government had reduced the tax ratio on Liquefied Petroleum Gas (LPG) by 10 percent from 30 percent. The gas price effects would not be passed on the farmers.

The LNG prices for Punjab exporters had been increased manifold, consequently 500,000 labours had lost their jobs, he added The Government would pay subsidy to avoid burdening the farmers, he added.

He blamed PML-N government for the dearth of Urea fertilizer during the Kharif crop thus, increasing its price by Rs 1,750 per sack.

He warned the tax defaulters to mend their ways or be ready for stern action as the tax defaulters would not be spared anymore.

Urging opposition to avoid politics on China Pakistan Economic Corridor (CPEC) projects, he said a reasonable interest was being charged on CPEC projects with the ratio of 75 percent debt and 25 percent equity.

Responding to opposition leaders' allegations of slashing Public Sector Development Programme (PSDP), he said the government would increase the PSDP by 10 percent.

He said international crude oil price was $47 per barrel in 2017 as compared to $78 per barrel last Friday. Likewise Dollar rupee parity ratio had increased to Rs 125 currently. The power sector deficit had reached Rs 453 billion due to the oil price increase.

He said the economy would perform better after facilities were provided to the exporters. Rejecting the criticism of Shehbaz Sharif regarding souring circular debt , he said in fact circular debt was Rs 503 billion in 2013. The erstwhile government of Pakistan Muslim League Nawaz (PML-N) had paid Rs 480 billion to Independent Power Producers (IPPs) soon after taking over the government. The circular debt had currently soured to whopping Rs 1,180 billion.

He said Rs 70 billion taxes had been imposed in the amended Finance Bill on over 1800 cc vehicles. Such vehicle were not definitely used by the poor. Regulatory duty has been imposed on imported foods, while duty on mobile phone sets had been increased.

He said the PML-N government did not make sincere efforts to construct dams.

The issue of filers and non filers was genuine, he said however, the overseas Pakistanis could not make investments in the country due to their non filer status. The issue would be resolved in consensus, he added.

He said India could not suppress Pakistan and it would continue extending support to the Kashmiris.