Friday, August 12, 2022

Saving Pakistan from bankruptcy will now give a good economy: Federal Finance Minister

Federal Finance Minister Miftah Ismail has said that we have saved Pakistan from bankruptcy and now we will give Pakistan a good economy. In August, the pressure on the rupee will ease.

Addressing a news conference in Islamabad, he said that $3.8 billion worth of petroleum products had been purchased and payments were made in July, which put a lot of pressure on the rupee as payments were high while inflows of dollars were low.

The finance minister said that this month we had to give more than 800 million dollars to the State Bank because we have lost 800 million dollars in imports, payments and remittances.

He said that since the penetration of imports in July is less, so its payments will also be less, so we will see that this pressure will end from August and the import of 5 billion dollars compared to 7.7 billion dollars in June. $2.7 billion less that will benefit us.

He further said that the Economic Coordination Committee of the Cabinet has approved the lifting of the ban on the import of vehicles, mobile phones and household electrical appliances, after which it will be sent to the Prime Minister and the Cabinet for approval.

In response to a question, the finance minister said that after the July 16 (by-) elections, the dollar went out of our control and its value increased more.

He said that I do not speculate on the currency market but I think that the real value of the rupee is much higher than that because more payments had to be made in dollars, so the pressure on the rupee increased.

He further said that we have taken steps like reducing imports, which will make the dollars coming into Pakistan more than going out, no one knows the market but the fundamentals are in our favor so it seems. That it will improve in the next 2 weeks.

The finance minister said that we believe that we have not only saved Pakistan from economic bankruptcy but also thought of giving a good economy.

He said that last year there was a current account deficit of 17 and a half billion dollars, due to which we reached here, we have determined that we will try to turn it into a surplus in one and a half years to reduce the import immediately. In which we were successful and now we will try to increase exports, but the big risk of bankruptcy is gone.

He said that in the 3 months after we assumed power, we did not do anything that would reduce the value of the rupee or make the country go bankrupt. It is PTI.

The finance minister said that there was not a single year during the 4-year tenure of PTI that the tax-to-GDP ratio of Muslim League (N) was reached, we left 11.1 percent and the old GDP of By calculation, their rate was 9 percent, reducing the tax burden each year.

He said that Pakistan has to pay 4 thousand billion rupees as interest this year.

Miftah Ismail said that Imran Khan left the whole country behind and they ask who is responsible, then you are responsible, brought degradation in every sector, destroyed the finance of Pakistan, in 4 years Pakistan Increased debt by 80%, reduced tax collection and ran a huge budget deficit.

He said that you imposed indirect taxes of 1700 billion rupees, due to which we had to give this budget in which direct taxes were imposed, which is a very difficult budget. have left Nahj.

The finance minister said that the revolving debt of the electricity sector was 1,62 billion rupees in May, which he counted as 11 billion rupees. What did

Continuing the conversation, he said that since the PTI government did not increase the electricity prices for one and a half years, the fuel adjustment charges that have been added to the bills of the consumers now are the bills of April, it is not my fault. .

He said that PTI reduced the revolving debt of electricity to 2500 billion rupees, while in the gas sector, where the name of revolving debt has never been heard, they have left a debt of 1400 billion rupees.

Miftah Ismail said that SNGPL has been losing 100, 100 billion rupees every year in winter and you have left PS also on the brink of bankruptcy like Pakistan.

He said that tell us what reforms Imran Khan did? In the electricity sector, the transmission and distribution loss has been reduced by one paisa, the bill collection has been reduced by one paisa, we were at 93%, we brought it to 80%.

The Finance Minister said that the PTI government has not done any work anywhere, they come to the media and give speeches, they make false accusations on Twitter, but they have not done a single penny of reform or work.

He said that you made an agreement with the IMF in November that the primary deficit would be 25 billion rupees, but when you came to power and the presentation you got on the first day, there was a deficit of 1300 billion rupees.

He said that he signed an agreement with the IMF in November, then he did what Sri Lanka did and started selling cheap oil in February. He broke the agreement with the IMF and wrote that he will not grant amnesty. However, amnesty was given to ATMs.

Miftah Ismail said that on the one hand, he broke the agreement with the IMF, while the world has to give 2 billion dollars and you only have 9 billion dollars, so where will the money come from, then you have to go back to the IMF. .

He said that he went to the IMF on the second day after becoming a minister, he did not waste time.

They said that they call our government thieves, traitors and imported, saying that you have no shame, you returned 19 million pounds, then you teach us lessons of honesty, why did you return it? Was it the money or the country’s money, who gave you the right to return the country’s money to an individual?

He further said that why did you go to court to stop the investigation of Peshawar BRT, if you are honest then talk.

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