Tuesday, August 9, 2022

The Federal Minister of Finance has indicated the reduction in prices

Federal Finance Minister Miftah Ismail has said that the increase in prices will be controlled in the next few weeks by keeping the economy on the path of development and the pressure on the rupee will also decrease next week.

Finance Minister Miftah Ismail said that the economic goals set for the current financial year will be achieved as a result of better decision making.

He said that in view of the growing recession in the West, increasing exports can be a big challenge and in this context we have to make more efforts to increase our exports, industrial to support the main export sector of the economy. No load shedding is being done on the feeders.

The finance minister rejected the impression created by some quarters that the country’s remittances, exports and tax collection have declined in recent months.

Miftah Ismail pointed out that there were record remittances in May and June while the FBR has also achieved the targets, the government has set a target of 35% increase in revenue during the current financial year.

He said that FBR will collect Rs 7,500 billion while Rs 800 billion will be collected as levy and the government will support the productive sectors of the economy including agriculture, industries and information technology to take the economy in the right direction. Not only this, the tax on seeds has been abolished and the tax on information technology exports has been reduced from 1% to 0.25%.

Asked about the devaluation of the rupee, Miftah Ismail expressed confidence that the pressure on the rupee will ease next week, which is because the government has been able to reduce imports, which Pakistan is currently in. stands where its new imports, exports and remittances are less than

He said that in the last financial year, there were imports of 80 billion dollars and exports of 31 billion dollars.

In response to a question, Miftah Ismail said that after the board meeting of the IMF on August 24, Pakistan is expected to receive the next installment of the IMF by the end of next month, along with assistance of 4 to 5 billion dollars from friendly countries. Expected and a friendly country ready for immediate investment, the federal cabinet has also approved the law to pave the way for investment.

He said that the matters related to late payment of oil and gas are also likely to be settled with friendly countries in a week, while comprehensive measures are being taken to improve the electricity sector.

Expressing regret, he said that the previous government neither made any investment to improve the electricity transmission system nor completed the power generation plants on time. Contracts were not done which resulted in us having to operate power plants that run on expensive furnace oil.

To a question about the difficulties faced by the common man due to inflation, the finance minister said that under the cheap petrol and cheap diesel scheme, assistance of Rs 2 thousand is being given to the deserving families along with the Benazir Income Support Programme. Cash assistance is also being given to the deserving families and essential items are being provided to consumers at discounted rates through utility stores.

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