To pay off Rs370 bn dues under circular debt by June 30: Ishaq Dar

ISLAMABAD: Federal Finance Minister, Senator Ishaq Dar Sunday reaffirmed the government’s resolve to eliminate the vicious circular debt by announcing to pay it off by August 12.

Speaking from the floor of National Assembly, Senator Dar said the total amount of circular debt stood at Rs508 billion as of May 31 and vowed to pay off Rs370 billion by June 30 to partially settle the private sector dues. “The entire circular debt will be cleared by August 12,” he pledged.

He maintained that his government will look right into the International Monetary Fund’s (IMF) eye while negotiating a loan deal with it. “No dictation will be taken from it (IMF),” he added.

The Finance Minister said that the people will be taken into confidence over the agreement with the IMF and vowed to repay the loan obtained by the previous government.

He said the details of the pact reached with the IMF will also be made available on the Federal Finance Ministry’s website.