Monday, August 15, 2022

We will control inflation along with other issues: Muftah Ismail

Finance Minister Muftah Ismail has said that 600,000 people have been made unemployed in the last four years while 20 million people have fallen below the poverty line. I was third.

Addressing a business conference in Islamabad, the Finance Minister said that the country’s economy is in a difficult time at the moment, but along with other issues, we will also control inflation. He said that Pakistan has been found in difficult circumstances but it will be left in better conditions.

Criticizing the policies of the previous government, the finance minister said that Imran Khan had borrowed Rs 20,000 billion during his tenure. If we had maintained the price of petrol, we would have lost Rs 120 billion every month.

Talking about the former government’s agreement with Russia, the finance minister said that Hamad Azhar wrote a letter to Russia on March 30 for oil but Russia did not respond.

The Finance Minister said that at present the power sector is incurring a loss of Rs. Yes, 2 million people join the labor market in Pakistan every year.

Muftah Ismail said that it was a very difficult decision for any Prime Minister to increase the price of petrol by Rs 30 twice but we have taken difficult decisions and will continue to do so. He said that if the agreement of the previous government had been followed, the price of petrol would have been Rs. 300 today.

The finance minister said that when Imran Khan government found out that his government was leaving, they gave subsidy on petroleum products, they had no chance to get oil from Russia, today sugar and wheat are being imported. When we had government, we were exporting wheat and sugar.

The finance minister announced that the government would provide Rs 81 billion in the petroleum sector and Rs 1,100 billion in the energy sector. He said that the low income earners will be paid for the whole year, next year the current account deficit will bring 1200 billion, next year 21 billion dollars is to be repaid.

The Finance Minister further said that all the Prime Ministers together took a loan of Rs 24,000 billion, there was a primary deficit of Rs 1,300 billion, it was said that they would make a primary deficit of Rs 25 billion, the country is going through difficult times. Will overcome He expressed happiness over the participation of Prime Minister Shahbaz Sharif in the Pre-Budget Business Conference.

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