Miftah criticises the PTI regime for ‘devastating’ the economy. During the time the PTI was in charge, the country’s economy was “damaged,” says Miftah Ismail, a former finance minister and senior leader of the ruling PML-N party. Ismail says the country’s public debt rose to $64 billion during that time.
Ismail and other leaders of the Pakistan People’s Party-Nawaz (PML-N) held a press conference in Islamabad on Tuesday. Ismail accused the previous government of making the lives of the people miserable through “flawed” economic policies.
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Fiscal deficit: He said, it was close to $5.6 million. If $800 million in extra grants were added, the total would be $6.6 million. The leader of the PML-N explained how the government’s irrational decisions had led to more debt.
Because of Prime Minister Shehbaz Sharif, he thought the future of Pakistan was going to be better for it. All possible efforts will be made to keep the deficit down, he said. He added that it was their job to lead the country to a better future.
Adviser to Prime Minister on Finance Ismail also criticised the PTI government for giving out a relief package of Rs370 billion, which the former Prime Minister Imran had said would cut the price of petroleum by Rs10 per litre and electricity by Rs5 per unit. Ismail is expected to become Prime Minister’s adviser on finance.
During a question, he said that the government had not yet made a decision about raising the prices of petroleum, but that the decision would be made after looking at the summary of the report from the Oil and Gas Regulatory Authority (OGRA).
A landmine the PTI government had set up for the next one, he said. The amnesty programme was also unnecessary, he said, because it didn’t meet the IMF’s rules (IMF).
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During an interview, Miftah Ismail said the government couldn’t control the inflation rate right away because the previous government had made “bad decisions.” This means that the current government can’t do anything right away.
“We will first try to get the IMF to ease up on the tough rules so that the government can help the people,” he said.
This is how it works: He said that the country’s imports were also at a record high level, which meant that the current account deficit was going to be close to $20 billion by the end of this year.
Last month, he said, the country’s foreign exchange reserves went down by about $5 billion, just in that one month.
Ismail was happy when Prime Minister Shehbaz Sharif said that the minimum wage would rise to Rs2500, a 20% rise.
He said that the measure would help people who were feeling the effects of rising prices.
A 10% raise in pay for people who make less than Rs100,000.000 per month would also help people. He asked private businesses, like the media, to raise the salaries of their employees by 10%.
There will be a fiscal impact of Rs13 billion in the next three months of the current fiscal year if the pensions go up by 10%.
He said that as soon as the new government took over, the economy started to show positive signs. This was shown by the Pakistan Stock Exchange, which saw the highest single day increase in trade of shares as the index rose by 1,700 points the day before.
As a result, the index kept going up, with a gain of more than 262 points.
It was also stronger against the dollar, which dropped in price from Rs190 to Rs182 on Tuesday. Miftah says that the PTI government has ruined the economy.
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