Tuesday, May 17, 2022

Govt ask Saudi Arabia not to withdraw deposits given to the SBP: Miftah Ismail

Miftah Ismail, Pakistan’s Finance Minister, stated the country’s government has requested Saudi Arabia not to withdraw its deposits in the State Bank of Pakistan (SBP), which amount to $3 billion, till the end of the year, in order to improve the country’s economy and foreign reserves.

Last year, Saudi Arabia made a $3 billion deposit in the State Bank of Pakistan (SBP) to aid in the preservation of Pakistan’s foreign currency reserves.

Miftah Ismail, speaking at a press conference in Karachi, claimed that the former prime minister Imran Khan’s economic team misled the country during negotiations with the International Monetary Fund (IMF).

“A delegation from the International Monetary Fund (IMF) will visit Pakistan in the next few days,” he added, adding that they will demonstrate to the PTI how to improve the situation and lower inflation.

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Khan’s staff said one thing during negotiations with the IMF and another thing to the general public in the country, according to the country’s finance minister. Attacking the previous regime, the finance minister said that the Imran Khan-led government had set new records for corruption and had hidden landmines across the country’s economic infrastructure.

In terms of the success made by his government, the minister stated that sugar is being sold at the lowest rate in the country since the beginning of 2019. He insisted that the goods could be purchased at the Utility Stores for Rs70 per kilogram of weight. The price of a 20kg wheat bag has been reduced to Rs800 from Rs1200, saving consumers money. Rs200 has been deducted from the price of ghee per kilogram.

Khan would be required to explain why Shahzad Akbar chose to turn a blind eye to the sugar scam, he continued.

In addition, Miftah Ismail stated that the administration had made significant improvements in the country’s electrical supply condition.

The finance minister stated that the government has no plans to reduce the powers of the SBP in the near future. He insisted that the housing plans put in place by the previous administration will be continued.

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