Thursday, August 18, 2022

Borrowing more has become difficult and embarrassing: Finance Minister

Finance Minister Miftah Ismail has said in his address to the Chamber of Commerce that borrowing from the world has become difficult and shameful.

He says that if we have not returned 450 million dollars, then it is a shame to ask more from the donor. Since 1996, we have not been able to return 450 million dollars.

He says that there were imports of 80 billion dollars and exports of 30 billion dollars, a ban was imposed on the import of luxury goods to improve the economy, the current account deficit was increasing in the past, we grow and then burst, we are not able to export, the world The interest rate has increased.

Miftah Ismail says that 42 billion was our tax target. Now we have retreated from 42 billion, but taxes have to be collected so that this country can continue, now taxes of 33 billion have to be collected.

They say that the value of the dollar fluctuates due to supply and demand, government efforts have brought down the dollar, foreign payments have worsened the balance, they are reducing purchases to reduce the deficit.

He has said that the United Arab Emirates will also invest one billion dollars in Pakistan. LCs have been opened. They will not stop any payment till today.

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