This article is about the debt limitation bill of the Governemnt Of Pakistan

Making of fiscal responsibility and debt limitation bill- 2003

After about more than unmatchable year the government has introduced in the national assembly the primary ever Fiscal Responsibility and Debt Limitation Bill (FR& angstrom;DLB) - 2003. It stipulates to achieve twin objectives of reducing fiscal deficit to set from existing 4.5 per centimeime of GDP by June 30, 2008 and maintain a revenue surplus thereafter and to reduce public debt to 60 per cent of GDP from existing around 90 per cent by 2013 and to keep reducing it further by 2.5 per cent each year. Introduction of the bill was long over callable but given the uncertainty of the milieu in which frugal and political policies were operated in the past, the bill was hardly ever conceived to process a constitutional obligation and when it was conceived it had to be delayed from July belong year because of political expediencies. Hopefully, there is a change in the environment and national assembly will be in a position to debate the bill and make requirement changes to make it realistic.

Fiscal law: a must

Managers of national economy come undergone a full cycle from planned and contrary-aid-dependent management of 60s and 80s to palpable fiscal mismanagement of 90s wherein heavy and expensive domestic and foreign loans were contracted.



From 2000 onwards measures were taken to impose fiscal discipline which helped to lay out economy on the right rack with visible macro-economic goals, part achieved, with the help of IMF packages like ESAF, SBA and PRGF, and liberal inflows from WB and ADB under variant development and improvement projects. Post 11 September 2001 governments finality to join hands with Washington to wage war on terrorism has helped in improving macro-economic indicators, ease payment scroll of foreign debt because of rescheduling of $12.5 foreign debt...

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