Budget deficit big challenge for government: Miftah Ismail.

ISLAMABAD -- Federal Minister for Finance and Revenue, Miftah Ismail on Tuesday said that dealing with budget deficit is a big challenge for the government and the government has formulated its strategy in this regard.

The Minister said that the previous Pakistan Tehreek-e-Insaf (PTI) government had taken record loans in the history of the country, which have added to our economic problems today.

The Minister said this while addressing the 'National Budget Conference 2022-23 organized by Mir Khalil ur Rehman Memorial Society in Collaboration with ICMA.

He said that the interest payment bill on loans in 2018 was Rs 1499 billion.

He said that the Circular debt was Rs 500 billion in 2013, which has now multiplied.

Miftah said that Rs 4,000 billion would be spent on interest payments on loans coming year 2020-23, which would have a negative impact on the national economy.

This year, the Ministry of Power will be given a subsidy of Rs 1,100 billion, he informed.

He said that one of the reasons for load shedding was lack of money for fuel.

The Minister said that Pakistan's electricity billing and decision making system is very weak and adding that without reforms in the power sector, the country's economy would sink.

"Our energy system is not modernized,'We are running a 1950 power plant on...