Finance Minister Miftah Ismail on Sunday stated that the federal government has no intention to extend the costs of petroleum merchandise for now.
Addressing a press convention, the finance minister stated that Prime Minister Shehbaz Sharif has rejected the proposal to hike petroleum costs immediately, saying that the federal government couldn’t put additional burden on the lots.
Later, taking to Twitter, he wrote that whereas the costs of petroleum merchandise won’t be elevated as of now, the federal government might should “revisit the decision soon” proudly owning to altering circumstances and worldwide oil costs.
Let me amplify what I simply stated in my presser. The federal government won’t increase POL costs immediately. However as a consequence of altering circumstances and worldwide oil costs, we might should revisit our determination quickly.
— Miftah Ismail (@MiftahIsmail) May 15, 2022
Criticising the PTI-led authorities, Miftah stated in the course of the presser that the previous finance minister Shaukat Tarin had promised the International Monetary Fund (IMF) that the then authorities would abolish all of the subsidies on petrol.
Referring to the devaluation of the rupee, the finance minister stated that the greenback was at Rs115 in the course of the PML-N’s earlier tenure, nevertheless it surged to Rs189 in the course of the four-year time period of the PTI’s authorities.
“The PTI-led government brought the country to the brink of economic disaster,” he stated. “We are trying to mend the situation now.”
Ismail additional stated that the present coalition authorities was additionally working to enhance the agriculture sector of the nation.
“The government will import edible oil worth $4 billion, while we will not import any sugar during the current fiscal year.”
Talking in regards to the authorities’s talks with the IMF, Ismail added: “I’m going to barter with the IMF and can resolve all the problems in a greater method.”