Miftah Ismail calls decrease in fuel prices a ‘Reckless’ decision

Former Finance minister Miftah Ismail termed the decrease in fuel prices without the approval of the International Monetary Fund (IMF) a ‘reckless’ decision. However, What PTI did was “unforgivable,” Ismail said in his response to PTI leader and former finance minister Shaukat Tarin’s tweet.

Shaukat Tarin earlier lambasted at current government in his tweet saying, “We were blamed for violating IMF conditions. According to Miftah sahib, they did not wait to get clearance from MD IMF before announcing the fuel prices. Clear doublespeak.”

We were blamed for violating IMF conditions. According to Miftah Sahib, they did not wait to get clearance from MD IMF before announcing the fuel prices. Clear double speak. pic.twitter.com/uFbGW6Gnu2

— Shaukat Tarin (@shaukat_tarin) October 2, 2022

Miftah Ismail said that it was PTI who violated IMF agreement and froze the fuel prices for four months “You agreed to increase sales tax to 17pc but reduced it to zero. You agreed to raise petrol levy every month by Rs4 to Rs30 but brought it to zero. You agreed to not give amnesty but gave one anyway,” he said

2. You gave an unfounded, unsustainable subsidy on petrol. PTI nearly bankrupted us but when I took over and went to the IMF we saved Pakistan from default. Not increasing PDL this month without IMF approval is reckless, but what PTI did with our economy was unforgivable

— Miftah Ismail (@MiftahIsmail) October 2, 2022

Ismail further claimed that PTI-led government had almost bankrupted the country. Terming the subsidy as ‘unfounded and unsustainable’ Miftah said he went for the IMF deal and saved the country from default.

“Not increasing PDL this month without IMF approval is reckless, but what PTI did with our economy was unforgivable,” he added.

Speaking at an event in Karachi Ismail revealed that Prime Minister Shehbaz Sharif’s advisor Ahad Cheema told him to talk to MD IMF if the government can freeze fuel prices for three months but he replied: “I would die but not ask this.”

“In any case … I asked the MD if we could freeze the tax (PDL) for three months. The answer did not arrive and the government unilaterally did it. So may God have mercy.”

PML-N leader Miftah Ismail resigned as finance minister on 27th September to make way for Ishaq Dar the Newly appointed Finance minister. Right after Ishaq Dar’s return as Finance Minister the government slashed petrol prices by Rs12.63, dropping them down from Rs237.43 to Rs224.80. The prices of high-speed diesel and kerosene oil were also decreased by Rs12.13 and Rs10.19 per litre respectively.