Miftah Ismail says it is his effort to bring down budget deficit to Rs 4,000 billion during ensuring year which was Rs 5,200 last year
ISLAMABAD, August 17 (SABAH): Federal Minister for Finance and Revenue Dr. Miftah Ismail Ahmed has said the government is focusing on enhancing exports and farm productivity in order to help the country stand on its own feet. Miftah Ismail said that he could not change the price of dollar through magic, adding that the dollar price is affected in light of the dollars coming inside the country and going outside the country. Miftah Ismail said that it is his effort to bring down the budget deficit to Rs 4,000 billion during the ensuring year which was Rs 5,200 last year. Miftah Ismail said that the government stopped the imports resulting in receiving $800 million more as compared to dollars went outside the country in first 15 days of August. Miftah Ismail said that if we educate our children, focus on increasing exports, increase production of agriculture products and live within our means then 90 percent pressure on the finance minister of the country will decrease. Miftah Ismail said that the letter of intent has been sent back to IMF after his and Governor State Bank of Pakistan’s signatures.
Addressing Leaders in Islamabad Business Summit in Islamabad on Wednesday, Miftah Ismail said that the average budget deficit during the last four years remained at Rs 3500 billion, adding that the average deficit during the five years of PML-N’s previous government remained Rs 1600 billion. Miftah Ismail said that we are importing $80 billion things and are exporting only $30 billion things, which include $20 billion exports of textile. Miftah Ismail said that whether there should be only one industry in whole country which could export things.
Miftah Ismail assured to extend facilitation to the companies in exporting their products to the international market. He stressed that every company should export at least 10 percent of their products to earn valuable foreign exchange for the country.
As regards the agriculture sector, the Finance Minister said a task force has been established to address the problems faced by this productive sector of the economy. He said the country this year has so far imported 1.1 million ton of wheat. He said the money spent on import of wheat could be saved by supporting the farmers and introducing latest technology in the sector.
He said bolstering exports and agriculture will also benefit the poor segments of the society. The Finance Minister said we will also have to create a balance in our incomes and expenditures, and have to live within our means to address the issues of budget and trade deficits.
Miftah Ismail also emphasized for promoting education in the country to register successes in different fields.
Addressing the Summit, Minister for Climate Change Sherry Rehman pointed out that climate change is impacting 9.1 percent of our GDP.
Describing climate change a national security problem, she said Pakistan will not compromise on its long term mitigation promises. However, she said we are shifting focus to adaptation to level up resources, thinking and planning to phase down climate disasters.