ISLAMABAD . July 31,2023.Finance minister , Miftah Ismail , on Sunday said the government was going to fulfil the remaining one condition of the International Monetary Fund (IMF) .
Although Miftah Ismail did not divulge which was the remaining one condition to be fulfilled by Pakistan to secure a $ 1.2 billion dollar bailout package from the fund but it could likely be about money laundering.
The federal finance minister conceded that the US dollar went out of control with the winning of Pakistan Tehreek e Insaf (PTI) in by-polls held in Punjab on July 17, 2022.
The Fiance minister said PTI rule spanning over quarter to four years posed serious economic problem .
Hi, however , hoped that the pressure on the rupee will ease out in a couple of weeks .
Addressing a press conference , Mr Miftah Ismail siad Pakistan Tehreek e Insaf (PTI) government’s policy of reckless borrowing put Pakistan’s economy at risk . He said Imran Khan government borrowed $ 20 billion which brought pressure on its economy, besides making payment of debt a difficult task for Pakistan Muslim League Nawaz (PMLN) led coalition government.
The minister conceded that the price hike has gone up considerably in recent weeks and it has had adverse affect on a common man , but hoped this phenomenon will start to die down in coming weeks.
Mr Miftah Ismail said Pakistan has removed ban on numerous items allowing their import in Pakistan except ban on vehicles , mobiles imports into Pakistan. He claimed that removal on ban of mobiles and vehicles will take sometime.
Mr Miftah Ismail told a questioner that he was right , dollar started to appreciate after winning of Pakistan Tehreek e Insaf (PTI) in by elections held in Punjab on July 17, ,2022.
He added that he does not speculate on currency market as various factors come in play but he was confident that the rupee will bounce back in short time to take its actual position in the currency market .
He said the rupee came under pressure in the currency as a result of huge payments made on loans .
Mr Miftah Ismail claimed that those who voted for PTI in elections as actually did enemity with Pakistan.
He said the government knew exactly who was ‘chor’ and who damaged Pakistan through dirty politics.
He said the government is struggling to give Pakistan healthy economy. He added that the people will have benefit of Shahbaz government policy of focusing on reducing current account deficit .
He said currently the government focus was on how to manage current account deficit which had widened to an alarming level in PTI quartet to four years rule .
The minister announced exemption of sales tax for the small shopkeepers who consume less than 150 units of electricity at their business points. For the rest , the minister gave a clear message that they have to pay taxes levied on their businesses whose income makes them wealthy.
Addressing to the businessmen , Miftah Ismail said ” You pay your share in taxes and I will make sure that Federal Board of Revenue (FBR) does not send you any notice for it”.
