Country is moving towards improvement: Miftah Ismail

LAHORE, Sep 10 (SABAH): Federal Minister for Finance and Revenue Dr. Miftah Ismail Ahmed has urged the business community to come forward and donate in Prime Minister Relief Fund for the rehabilitation of flood victims. Miftah Ismail said that if we did not revive the IMF program then we would have been declared bankrupt. He said that the IMF did not talk with the caretaker government so we decided to remain in the government, adding that the IMF has asked to end fuel subsidy. Miftah Ismail the country which exports things of $30 billion should not imports of $80 billion.

Addressing a news conference at Lahore Chamber of Commerce and Industries in Lahore on Saturday, MIftah Ismail said every single penny of donations will be spent directly for the flood affectees in a transparent manner.

The Finance Minister said the country has witnessed unprecedented destruction due to floods in every sector including agriculture, livestock and infrastructure and everyone has to play his role for the noble cause.

Talking about the economy, he said government is committed to resolve the issues of business community, especially the exporters.

He said government will continue to provide enabling environment to the exporters to increase the export of the countries.

Miftah Ismail admitted that the government was generating Rs 59 per unit of electricity in June. Miftah Ismail said that the country is moving towards improvement, adding that the incumbent government has doubled the power generating capacity. Previously, there was a capacity to generate 12 thousand megawatts of electricity, and the circular rate of electricity is 2500 billion rupees. The circular rate of gas is 1500 billion rupees. The government of Pakistan was generating electricity at Rs59 per unit in June.

“Currently the country is facing many problems, adding that the world does not give you loans anymore, it does not even want to give, the price of furnace oil and coal has increased by a record, due to the increase in the price of furnace oil and coal, the price of electricity has increased. Since 2010, revolving loans have been ongoing, “he added.

Mifath Ismail added that many people said that the government should not take over, adding that they thought that the IMF would not cooperate if a caretaker government came in. He said that the Saudi minister said you are selling the diesel on cheaper rates as compared to us.

Miftah Ismail said that per unit price of electricity in Germany and France is Rs 250, adding that the electricity generated by us costs Rs 69 per unit. He said that 80 percent revenue of electricity is being collected from Punjab. Miftah Ismail said that there is enormous pressure on dollar even today, adding that so far he is not in favor of opening import LC, adding that he has even not permitted opening of import LC for the mill of his own son. He said that complete cotton crop of Sindh has been destroyed in result of flood, adding that so far $18.5 billion lost has been caused due to flood.

Speaking on the occasion, President LCCI Nauman Kabir said business community is standing shoulder to shoulder with the government for the welfare of flood victims. He said LCCI will establish a village of 150 homes to rehabilitate the flood victims. He said the village will have the facility of veterinary hospital and solar based electricity along with other facilities.