Former prime minister Shahid Khaqan Abbasi has said that the government's income is consumed by the payments on interest for loans.
Addressing a post-budget seminar in Islamabad, Abbasi highlighted the significant concerns regarding the government’s fiscal policies. He stated that two-thirds of the government's income is consumed by payments on interest for loans.
Abbasi said that the federal government's expenses amount to Rs1,070 billion, adding that pension payments will require an expenditure of Rs1,170 billion. "Notably, only Rs1,000 billion will be allocated for national development, which Abbasi deemed insufficient," he said.
While the budget claimed a relief of Rs360 billion, Abbasi asserted that the reality is far from it. He pointed out that over Rs2,000 billion are collected in taxes from the public, with most of these being indirect taxes that do not distinguish between the rich and the poor.
Abbasi lamented that not only is foreign investment lacking, but even local investors are unwilling to invest in the current environment.
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