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Summary Senate Thursday, was informed that almost 80 percent of wheat, cotton was produced by S Punjab.
“Zari Tarqiyati Bank Limited (ZTBL) has the most of its branches in South Punjab, and recruitments of 315 officers have been made transparently against available vacancies in ZTBL as people from other provinces have also been accommodated” Khawaja Sheraz Mahmood Minister of State for Industries while responding to queries in ‘Question Hour’However, his answers could not satisfy senators from opposition and treasury benches as Baloch and Pashtun Senators complained against least number of people belonging to Balochistan and Khyber Pakhtunkhwa had been provided job in ZTBL.He further informed the House that inflation rate had dropped in the country as compared to the previous years and inflation rate in Pakistan was not much higher than India, Bangladesh and other countries of the region.But, Leader of the Opposition Senator Ishaq Dar rejected figures presented before the House saying that government was hiding the exact picture from the public representatives and people by showing wrong statistics.The minister said that power tariffs also fluctuate with the fluctuation of prices of petroleum products in international market because Pakistan imported 70 per cent of oil for domestic consumption. “Moreover, foreign investment has also been the least in last few years due to international economic melt down and security related other reasons” he added.The House was informed in black and white that in the budget 2011-12 deficit target was fixed at 4 per cent of GDP but due to excess expenditure on account of excess rains, law and order situation, higher funding to energy sector, less non-tax receipts, the revised target of fiscal deficit is projected at 5.5 per cent of GDP which excluded debt consolidation of Rs.391 billions i.e. 1.9 per cent of GDP.“While, the government has adopted a multi pronged approach including austerity measures and strict expenditure controls, enhanced Revenue collection i.e. an increase of about 24%, efficient and targeted subsidies” he Finance Minister stated stating, “The Federal Government’s deficit for the year ending 2011-12 is projected at5.5 per cent and main reasons for this fiscal deficit are high subsidies to the electricity and other sectors and the transition to the new national finance award whereby the share of the Provinces has been enhanced”.
