Finance Minister hints to increase Interest Rate
Federal Finance Minister Miftah Ismail has once again refused to immediately increase the prices of petroleum products, however, he hinted to increase the interest rate in view of IMF’s conditions.
Talking to media at Karachi airport, Miftah Ismail said that Shaukat Tareen had promised IMF that he would not give subsidy but would impose tax of Rs30 per liter. According to the promise made by Imran Khan and Shaukat Tareen, fuel subsidy should be abolished and then tax of Rs30 per liter should be levied. As per written agreement, Imran and Shaukat Tareen’s formula was to increase the price of diesel by Rs150. They had promised the IMF and we are suffering the consequences.
The Finance Minister said that Prime Minister Shahbaz Sharif has said that the nation cannot afford this, so we have to tell the IMF that Shaukat Tareen made the agreement but at the moment this nation cannot afford to increase the price of petroleum products so give us time, we can’t do it immediately.
Miftah Ismail further said that Shaukat Tareen was saying that he has left the funds for subsidy, tell me where he left the money. I swear by the Qur’an that I met the Secretary of Finance two days before I became the Minister of Finance, According to his presentation, the basic deficit was 1300 billion and 56 billion was the deficit of the federal government. Now tell me where the money was left, they did not leave any money.
He added that the previous government showed 6% GDP, the previous government took a loan of Rs20,000 billion, Imran Khan took 80% of the loan taken in 71 years.
The finance minister added that in the first year, Asad Umar gave a deficit of 9.1% which was a record of 52 years. When we went, Pakistan used to export wheat but today it is importing. The terms of the IMF have been signed by Shaukat Tareen. We owe $21 billion next year.
“In two days I will come to an agreement with the IMF and bring good news, I will not accept what Shaukat Tareen agreed to,” Miftah added.