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Miftah Ismail says pressure on rupee will ease in next two weeks

  • Finance Minister says coalition govt determined to reduce current account deficit left by PTI
Published July 31, 2022

Finance Minister Miftah Ismail said on Sunday that pressure on the rupee, which has taken a severe beating against the dollar in recent weeks, would ease in the next two weeks, Aaj News reported.

Addressing a press conference in Islamabad, the finance minister said that former premier Imran Khan was responsible for the country’s economic woes.

Ismail said that the coalition government had saved the country from default. “We plan to give Pakistan a healthy economy. We are determined to minimise the current account deficit and turn it into surplus within a year or so.”

Miftah Ismail says coalition govt ‘saved Pakistan from default’ at cost of political capital

He said that the government was working on a plan to increase exports over the next two to three months. “But the big issue of impending default has been resolved,” he reiterated.

The finance minister said the coalition government did not bring the country to the brink of default in three months.

“In four years, the PTI could not reach the tax-GDP ratio of the PML-N government. We had left it at 11.1pc and the PTI took it to 9pc. Imran Khan used to say he would increase tax [collection] but he reduced it every year.”

He said that the PTI government violated the agreement made with the International Monetary Fund (IMF) by selling oil and petrol at a loss.

Earlier on Sunday, Ismail said that the coalition government was determined to minimise the "large current account deficit" left by the outgoing PTI regime.

In a Twitter post, Ismail said that the government's efforts to "reduce imports have finally borne fruit."

"Imports in July, per FBR data, were only $5.0b compared to $7.7b in June," he wrote.

"Given that we have pulled Pakistan back from the brink of default, our govt is determined to minimise the large current account deficit left by PTI."

Ismail’s remarks come amid reports that Pakistan's army chief appealed to Washington to use its leverage to secure the early release of International Monetary Fund money.

Islamabad and the IMF reached a staff-level agreement earlier this month to pave the way for the release of a tranche of $1.17 billion - but the lender is awaiting approval from its board, which is not scheduled to meet until late August.

Meanwhile, a State Department spokesperson said that “U.S. officials talk to Pakistani officials regularly on a range of issues. As standard practice, we don’t comment on the specifics of private diplomatic conversations.”

The United States is the largest shareholder in the IMF.


Comments are closed.

Truth Jul 31, 2022 02:29pm
The bill that i am paying in this Govt Tenure jus received now is Double what i used to pay in Imran Govt Tenure. i don't know how i will pay this double bill . every thing is getting tough . can't go on like that. _________ we must draw a line . Animals kingdom is better than what we are facing now . in competent , lack loyalty to people and country . They Don't know whats the pain of poverty. After 74 years 11 months 17 days we cant provide basic necessities to our nation . what a shame we brought to ourselves. when u stand for speech on media i wish i take your tounge out and hang u in public for ur treasonous sins . One day you will pay.... i wish justice prevails in our country
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Aun Abbas Jul 31, 2022 03:47pm
@Truth, all the electricity agreements are done by previous PPP and PMLN governments. Now we are paying the price of their corruption.
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Ahmad Jul 31, 2022 06:13pm
This is totally ridiculous statement and in two weeks where the rupee will be . He is a joker who has been handled the most delicate portfolio. He believes in fleecing the consumers because he sells sweets and chips. What a fate we as a nation we have.
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