Pakistan ‘Out of crisis’, no need for ‘Financial Emergency’, says Miftah

Finance Minister Miftah Ismail said that, there is no need to declare a financial emergency as Pakistan has come out of a financial crisis after two episodes of increases in prices of petroleum (POL) products.

Miftah Ismail said in a statement on Twitter that Prime Minister Shahbaz Sharif would at some point announce austerity measures to reduce government spending.

The Prime Minister will at some point announce austerity measures to save government expenditures. But there is not going to be any declaration of financial emergency. Nor is there any financial emergency. After two increases in petrol prices, we are out of the financial crisis.

— Miftah Ismail (@MiftahIsmail) June 6, 2022

He said that there was no plan to freeze foreign currency accounts, Roshan digital accounts or private lockers of the people and the news coming on social media was being spread by wrong and biased circles.

Later, a joint statement issued by the State Bank of Pakistan (SBP) and the Ministry of Finance stated that there was no plan to freeze foreign currency accounts (FCA), Roshan Digital Accounts (RDA) and Safety Deposit Lockers. News coming on social media is being spread by wrong and biased circles.

There is absolutely no plan to freeze foreign currency accounts or Roshan Digital Accounts or take over people private lockers. We have never even contemplated these steps. Nor will we ever do it. Speculation on social media about this is wrong and coming from biased quarters.

— Miftah Ismail (@MiftahIsmail) June 6, 2022

It was further informed that the Government of Pakistan and SBP assure all foreign currency accounts, Roshan Digital Accounts and Safety Deposit Lockers in Pakistani banks that these accounts and lockers are completely secure and have no access to them. No sanctions are being considered.

It was further clarified that such proposals have not been considered in the past nor in the present.

The joint statement said that foreign accounts, including Roshan digital accounts, have legal protection under the Foreign Currency Accounts (Protection) Ordinance 2001.

It was further stated that the government and the state bank are committed to protecting all financial assets in Pakistan, including the aforesaid.