ISLAMABAD: Finance Minister Miftah Ismail said inflation and electricity bills will go down in month of October.  “We had to take difficult decisions to save country from becoming bankrupt. Now economy is heading towards right direction.

Bringing growth is not difficult but growth should be stable and robust. There will be curtailment in inflation and electricity bills in month of October”, he said. Addressing a seminar on prevailing economic situation in country he said that after growth we go to threat of default, he remarked. Pakistan is in debt trap owing to ill-conceived policies, he added.  Economic growth of Pakistan is not stable, he underlined adding our growth hinges on imports.  We imposed Super Tax for first time, he said adding we have slapped Super Tax on larger institutions and sectors.  Previous government provided loans worth Rs 500 billion on soft terms to affluent people, he claimed. When we came to power country loan stood at Rs 44,000 billion. When we took oath, country held foreign exchange reserves amounting to 10.3 billion dollars.  He indicated G-20 countries deferred overall loans amounting to 5 billion dollars. Every one including Shehbaz Sharif knew it well that first of all prices of petroleum products were to be hiked after coming to power. 

We have to repay 21 billon dollars loan during current fiscal year, he observed. Current account deficit soared over 12 billion dollars. When we came to power we needed 36 billion dollars till next June.  He underscored that IMF would have no objection in extending help to flood victims. Cement factories will be major beneficiaries if subsidy is allowed on cement. Subsidy on fertilizers afforded less benefit to farming community and more benefit to factory owners, he remarked. 

Published in The Daily National Courier, September, 08 2022

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