Minister for Economic Affairs Hamad Azhar has asserted that the present government has been striving to increase tax to GDP ratio from three to four percent by the end of the current fiscal year.
Talking to a private news channel, he said all out efforts were being made to reduce the current account deficit and fiscal deficit.
Azhar said the incumbent government had to borrow loans for paying the interest on previous loans taken by the former governments.
Replying to a question, the minister said the government has decided to avoid borrowing loans from the State Bank of Pakistan.
Azhar said the previous governments of the Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N) had borrowed huge amount of money but were inefficient to generate the resources for increasing the income.