Federal Finance Minister Miftah Ismail has assured that after 3 months electricity prices will decrease.
Addressing the Karachi Chamber of Commerce, he said that we had not increased the electricity prices for 3 months because the electricity prices had not increased for a long time, so the recent increase in prices is a shock to the people, however. We believe that after 3 months electricity will become cheaper, we already know that after 3 months its prices will come down on commercial basis.
Miftah Ismail said that our economy is based on imports, while this model has not been suitable for us, the countries that have developed in the world have been possible only through export-based economy.
He said that if we don’t have anything to give to the world, we can’t get anything, now we have to spread our feet after seeing the chador, so the ban on the import of luxury cars in the country will not be lifted until September.
The Federal Minister of Finance said in his address that neither I nor the State Bank intervened in the decline in the value of the dollar. The dollar did not decrease after my intervention, but it decreased due to supply and demand.
Miftah Ismail said that no payment of LCs has been stopped, nor will they ever be stopped, and LCs are opened for importers in just 3 days.
He said that even when we doubled the production of electricity, the industrial production and exports in Pakistan did not double. In 2011, Pakistan had exports of 25 billion dollars and today in 2022 we have reached 31 billion dollars.
Miftah Ismail said that now it is difficult and embarrassing to borrow from the world, with the grace of Allah, we have completed the IMF funding program and have made a lot of progress towards the funding gap.
The finance minister said that yesterday the United Arab Emirates has announced that they will invest one billion dollars in Pakistan, which will benefit us a lot, it is our friendly country, so it is helping us.
He said that we have not been able to repay the loan of 450 million dollars given to us by the United Arab Emirates in 1996, while we have been giving subsidies of so much money, sometimes we import vehicles worth more than that. After that, there is shame when going to borrow from someone.
Miftah Ismail said that last year we imported 80 billion dollars while we exported 31 billion dollars.
He said that the current account deficit of the country is 17 and a half billion dollars while the trade deficit is 18 billion dollars after deducting remittances.
The finance minister said that if you create such a big deficit, there will be pressure on the rupee. Today, Bangladesh has increased the price of petrol to Rs 308 per liter because they are also under pressure. facing
Addressing the business community, he said that you will suffer for 2 to 3 months more, I cannot remove this pain, I can only apologize to you.
Miftah Ismail said that we had not increased the electricity prices for 3 months because the electricity prices had not been increased for a long time, so the recent increase in prices is a shock to people, but we are sure that after 3 months the prices will be cheaper. It will happen, we already know that after 3 months its prices will come down on commercial basis.
He said that the State Bank is working on exports, once again you say that there will be three months of suffering, three months to stop importing into Pakistan, to understand this, you have to be a lamb instead of being an expert in economic affairs.