islamabad: Finance Minister Miftah Ismail has said there is still much work to be done to save Pakistan from bankruptcy.
Miftah Ismail together with the Minister of Information and Broadcasting held a press conference and said that Pakistan is still ranked 4th or 5th among the bankruptcy prone countries, so there is still a lot of work to be done to save the country from bankruptcy. .
I can say with certainty that good days have come for Pakistan, but we all have 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 only the subsidy on gasoline by the PTI government, but the continuation of its 4-year policies, as there was a deficit of Rs 5,100 crore in the last year.
The finance minister also said that Imran Khan increased the country’s debt by Rs20 billion in just 4 years.
The country had a debt of Rs 25,000 trillion in 71 years, while the country’s debt increased by Rs 20,000 trillion in the 4 years of Imran Khan.
Miftah Ismail said that the record budget deficit increased in the PTI government due to which the current account deficit also increased.
He said more than 7,500 megawatt power plants were shut down in the country on the day Shahbaz Sharif was sworn in as prime minister.
He said that 5,000 megawatt plants were closed because there was no fuel and 2,500 megawatt plants were closed because they were not repaired on time.
Due to all these factors of the previous government, inflation has skyrocketed in Pakistan adding that Miftah said that the PTI government told all kinds of lies at that time and is still telling them today, maybe their intentions are good but it is that they didn’t work, they were really incompetent.
Miftah Ismail said that Pakistan had to pay $21 billion to the world while our government only had $10 billion and the current account deficit of $12 billion was visible, then former Prime Minister Imran Khan started to walk away from the world.
Miftah claimed that the former prime minister told the IMF that we are breaking the deal because of this, the World Bank and the Asian Development Bank also stopped funding.
He said that when we took over the government, we tried to solve all these problems. It was very easy for us to raise the one percent sales tax from 17 percent to 18 percent and achieve the tax collection goal, but it sure hurt people.
Miftah Ismail said that instead of imposing ‘indirect taxes’ like the PTI government, we imposed direct taxes. We still have to raise Rs 7,500 crore and we will do it 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 plan.
There will be ups and downs in global prices, at which point I will definitely show up in front of you, then you will definitely meme me, but we will definitely achieve economic stability, he said.
Miftah added that he will not see load reduction in the summer of next year and that foreign exchange reserves will improve for the next fiscal year.
The Finance Minister said that we will receive deposits of $4 billion from a friendly country in two parts and also 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 bankruptcy of Pakistan, but it is also important to stay on the straight path, if we deviate a little, difficulties may arise again.