Tuesday, August 9, 2022

Why did the dollar rate fall? The Finance Minister explained the reason

Finance Minister Miftah Ismail has said that we have reduced our imports while the dollar fell on the expectation of receiving funds from international financial institutions.

Addressing the ceremony at the Pakistan Stock Exchange, Miftah Ismail said that when we came, we had to take very difficult decisions in which petrol became expensive and inflation increased, but now things are correcting, the dollar rate has fallen, we have 7.7 billion. The import has been reduced to 4.9 billion, now they have requested the people that they will not allow the import to increase for three months, after that they will make a strategy.

The finance minister said that when there was pressure, oil and gas were imported, now Pakistan has 30 days of petrol diesel and 6 months of furnace oil.

Miftah Ismail said that there are good days, there will be a bad day in between, we will reduce the import for another three to four months, then we will make a mechanism and increase the export, we have to control the budget deficit this year and we will export. will go to the model, in June the import bill was 7.7 billion dollars and exports remained 2.7 billion dollars.

He further said that in the financial year there was an import of 80 billion and an export of 31 billion dollars, in such a situation how will the current account deficit be controlled.

The finance minister said that the economy was on the verge of default. Later, there is a possibility of help from friendly countries.

He said that we have the capacity to generate 23,000 to 24,000 megawatts of electricity, while the demand for electricity in the peak season is 30,000 megawatts. The demand for electricity has increased, but our exports have not doubled. When it is built, it looks like factories, we used this electricity to power the marriage halls.

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