Lots of work to do to save country from bankruptcy, says Miftah
Islamabad: Finance Minister Miftah Ismail said there was still a lot of work to be done to save Pakistan from bankruptcy.
Miftah Ismail and the Minister of Information and Broadcasting held a press conference and said that Pakistan is still in fourth or fifth place among the countries prone to bankruptcy, so there is still a lot of work to be done to save the country from bankruptcy.
I can say with certainty good days have come for Pakistan but we all need to work together now adding that he said we will reduce inflation.
Miftah also said that the reason for the country’s economic problems is not just the PTI government’s gasoline subsidy but the continuation of their 4-year policies as there was a deficit of Rs 5.1 trillion l ‘last year.
The finance minister also said that Imran Khan had increased the country’s debt by 20 trillion rupees in just 4 years.
The country had a debt of Rs25 trillion in 71 years while the debt of the country increased by Rs20 trillion during the 4 years of Imran Khan.
Miftah Ismail said the record budget deficit has increased in the PTI government which has also increased the current account deficit.
He said more than seven thousand five hundred megawatt power stations shut down in the country on the day Shahbaz Sharif was sworn in as prime minister.
He said the 5,000 megawatt power stations were shut down because there was no fuel and the 2,500 megawatt power stations were shut down because they were not repaired in time.
Due to all these factors from the previous government, inflation skyrocketed in Pakistan, adding that Miftah said that the PTI government told all kinds of lies then and still tells them today, maybe their intentions are good but the fact is that they didn’t work, they were really incompetent.
Miftah Ismail said that Pakistan should pay $21 billion to the world when our government only had $10 billion and the current account deficit of $12 billion was visible then former Prime Minister Imran Khan began to turn away from the world.
Miftah claimed that the former prime minister told the IMF that we were breaking the deal because of this the World Bank and the Asian Development Bank also stopped funding.
He said that when we took power, we tried to solve all these problems. It was very easy for us to increase the sales tax by one percent from 17 to 18 percent and meet the tax collection target, but it certainly affected people.
Miftah Ismail said that instead of imposing “indirect taxes” like the PTI government, we imposed direct taxes. We still have to collect 7.5 trillion rupees and we will do so with the help of Allah.
The finance minister further said that Imran Khan did nothing for the country but favored his friends by granting the amnesty program.
There will be ups and downs in world prices, at that time I will certainly appear in front of you, then you will certainly make memes about me, but we will certainly achieve economic stability, he argued.
Miftah added that you won’t see any load shedding in the summer next year and foreign exchange reserves will improve by next fiscal year.
The Minister of Finance said that we will receive deposits of $4 billion from a friendly country in two parts as well as a $1.2 billion oil facility from a friendly country.
I hope that this year we will get $3.5 billion from the Asian Development Bank, $2.5 billion from the World Bank and $400 to $500 million from the Asian Infrastructure Bank.
He said that all measures have been taken to avoid Pakistan’s bankruptcy, but it is also important to stay on the straight and narrow, if one deviates a little, difficulties may arise again.