Prime Minister Shaukat Aziz, appreciating the government's Debt Office, has directed it to make arrangements for the currency profile of the debt and examine the possibility of hedging foreign currency, interest rate and commodities hedging. He lauded the efforts of the debt office in managing the country's debt portfolio for which the Economic Adviser and Director General Debt Office, Dr Ashfaq Hassan Khan, gave a presentation.

The Prime Minister was reviewing the country's debt and foreign exchange position in a meeting on Monday.

The meeting was informed that the debt situation was fast moving towards a sustainable level. Public debt, which was over 100 percent of GDP five years ago, had come down to around 69 percent by the end of last fiscal year.

Similarly, on external side, the external debt and liabilities were over 52 percent of GDP five years ago, and had come down to 37 percent by the end of last fiscal year.

It was also informed that, going forward, both public and external debts would reach a very comfortable position in the next 3 to 4 years.

The Prime Minister asked the Debt Office to further strengthen its office by hiring good professionals.

Advisor on Finance Dr Salman Shah, Minister of State for Economic Affairs Division Hina Rabbani Khar, State Bank of Pakistan Governor Dr Ishrat Husain and other senior officials attended the meeting.

Copyright Business Recorder, 2004