Imran Khan broken the agreement in Feb this year which himself had singed with IMF in Nov last year: Miftah Ismail
ISLAMABAD, July 20 (SABAH): Finance Minister Dr. Miftah Ismail Ahmed has said that trade fundamentals have been corrected as a result of measures taken by the present government over the last few months. He said that Imran Khan secured Rs 20,000 billion loans in his three years and nine months tenure. He said that Imran Khan broken the agreement in February this year which himself had singed with IMF in November last year. Miftah Ismail said that if we had not increased the petroleum prices then would have become bankrupt and there would have been no electricity in the country.
Addressing a news conference here on Wednesday, Dr. Miftah Ismail said there has been reduction in imports during this period, it has helped create a balance between imports and exports and remittances.
The finance minister pointed out that trade deficit was forty eight billion dollars and current account deficit stood at seventeen billion dollars during the last fiscal year which the country cannot afford.
Miftah Ismail said that an agreement has been signed with the IMF, categorically stating that the government will implement it. He said the World Bank and the Asian Development Bank have also opened their financing for Pakistan following our agreement with the IMF.
He said some friendly countries have also assured to help Pakistan meet its financing gap. Giving details of the assistance, he said one friendly country has pledged to provide oil worth 1.2 billion dollars on deferred payment. One friendly country has expressed interest to invest in Pakistan Stock Market whilst another has shown interest to provide gas worth 2.4 billion dollars to Pakistan on deferred payment, he added.
Miftah Ismail one friendly country will deposit two billion dollars with the State Bank of Pakistan whilst another will provide two billion SDRs.
The finance minister said, “We also want to sell out Balloki and Haveli Bahadur Shah Power Plants.” He said that economy is on the right trajectory, adding there has been improvement in tax collection. “We will enhance tax to GDP ratio and reduce the budget deficit during the current fiscal year. The issue of inflation will also be tackled in the next two to three months,” he added.
Responding to a question, the finance minister said that dollar has appreciated against other currencies of the world as well. He however said the recent dip of rupee against dollar was due to the political situation in the country. He said the situation will move towards normalization after improvement in political situation in the next few days.
He said the agreement made by the then prime minister of Pakistan Imran with the IMF in November, was broken by him in February, adding if he had not increased petrol prices, the country would have become bankrupt which totally finished electricity from here.
There is not denying in the fact that lower and lower middle classes are under stress, but he was hopeless especially as for as the matter of giving relief to the middle class is concerned, he said.
He said that State Bank of Pakistan is examining the matters relating to dollar; however, all the details relating to measures taken in this regard cannot be mad public.
He said that big companies are trying to sustain the prices of oil and ghi; however, it would happen the otherwise.
To a question whether PML-N is brining a new minister for finance, the minister for finance said he has no knowledge in connection with this.
He said that government had no such resources that it could decrease burden of inflation on the people; however, he added “I am hopeful that good days will come as Allah says in Holy Quran ever difficulty is followed by relief as it is basic of our beliefs.”
Miftah Ismail was also accompanied by Pakistan Muslim League-Nawaz (PML-N) leaders Bilal Azhar Kayani and Rana Hassan Afzal during the press conference.
Says if we had not increased petroleum prices then would have become bankrupt & there would have been no electricity in country
Finance Minister Dr. Miftah Ismail Ahmed has said that trade fundamentals have been corrected as a result of measures taken by the present government over the last few months. He said that Imran Khan secured Rs 20,000 billion loans in his three years and nine months tenure. He said that Imran Khan broken the agreement in February this year which himself had singed with IMF in November last year. Miftah Ismail said that if we had not increased the petroleum prices then would have become bankrupt and there would have been no electricity in the country.
Addressing a news conference here on Wednesday, Dr. Miftah Ismail said there has been reduction in imports during this period, it has helped create a balance between imports and exports and remittances.
The finance minister pointed out that trade deficit was forty eight billion dollars and current account deficit stood at seventeen billion dollars during the last fiscal year which the country cannot afford.
Miftah Ismail said that an agreement has been signed with the IMF, categorically stating that the government will implement it. He said the World Bank and the Asian Development Bank have also opened their financing for Pakistan following our agreement with the IMF.
He said some friendly countries have also assured to help Pakistan meet its financing gap. Giving details of the assistance, he said one friendly country has pledged to provide oil worth 1.2 billion dollars on deferred payment. One friendly country has expressed interest to invest in Pakistan Stock Market whilst another has shown interest to provide gas worth 2.4 billion dollars to Pakistan on deferred payment, he added.
Miftah Ismail one friendly country will deposit two billion dollars with the State Bank of Pakistan whilst another will provide two billion SDRs.
The finance minister said, “We also want to sell out Balloki and Haveli Bahadur Shah Power Plants.” He said that economy is on the right trajectory, adding there has been improvement in tax collection. “We will enhance tax to GDP ratio and reduce the budget deficit during the current fiscal year. The issue of inflation will also be tackled in the next two to three months,” he added.
Responding to a question, the finance minister said that dollar has appreciated against other currencies of the world as well. He however said the recent dip of rupee against dollar was due to the political situation in the country. He said the situation will move towards normalization after improvement in political situation in the next few days.
He said the agreement made by the then prime minister of Pakistan Imran with the IMF in November, was broken by him in February, adding if he had not increased petrol prices, the country would have become bankrupt which totally finished electricity from here.
There is not denying in the fact that lower and lower middle classes are under stress, but he was hopeless especially as for as the matter of giving relief to the middle class is concerned, he said.
He said that State Bank of Pakistan is examining the matters relating to dollar; however, all the details relating to measures taken in this regard cannot be mad public.
He said that big companies are trying to sustain the prices of oil and ghi; however, it would happen the otherwise.
To a question whether PML-N is brining a new minister for finance, the minister for finance said he has no knowledge in connection with this.
He said that government had no such resources that it could decrease burden of inflation on the people; however, he added “I am hopeful that good days will come as Allah says in Holy Quran ever difficulty is followed by relief as it is basic of our beliefs.”
Miftah Ismail was also accompanied by Pakistan Muslim League-Nawaz (PML-N) leaders Bilal Azhar Kayani and Rana Hassan Afzal during the press conference.