Friday, December 2, 2022

Pakistan out of financial crisis: Miftah Ismail

After two time increases in the price of petrol, Pakistan’s Finance Minister Miftah Ismail declared that the country has emerged from the ongoing financial crisis.

Utilizing the social media platform Twitter, the minister of finance made it clear that there was no immediate threat to the nation’s economy, particularly in light of the two-time price increases that were implemented for various petroleum goods.

Miftah Ismail further stated that Prime Minister Shehbaz Sharif will at some point announce austerity measures to reduce the expenditures of the government and that he will do so despite the fact that he denied the existence of any kind of financial emergency despite the current state of the economy.

In another tweet, the minister said, “There is absolutely no plan to freeze foreign currency accounts or Roshan Digital Accounts or take over people’s private lockers.” Roshan Digital Accounts are digital accounts that are used to store Roshan currency.

“We have never even considered the possibility of taking these steps. We have no intention of doing so either. “The speculation that is taking place regarding this on social media is incorrect and is coming from biased sources,” Miftah pointed out.

Read Also: Govt negotiates with Russia to obtain wheat: Miftah Ismail

It is important to point out at this point that the federal government that is being headed by the PML-N has raised the price of gasoline by Rs60 per liter. In addition, the National Electric Power Regulatory Authority (NEPRA) increased the basic power tariff by 7.9078 rupees per kilowatt-hour (Rs) last week in preparation for the upcoming fiscal year 2022-2023.

A price rise of 45 percent was allowed for the Sui Northern Gas Pipelines Limited (SNGPL), while a price increase of 44 percent was granted for the Sui Southern Gas Company (SSGC). This decision was made by the Oil and Gas Regulatory Authority (OGRA) and was made public last week.

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