Finance Minister Muftah Ismail has said that the price of petrol is not increasing immediately, rich people should not be given subsidy on p...
Finance Minister Muftah Ismail has said that the price of petrol is not increasing immediately, rich people should not be given subsidy on petrol, they will try to give relief to the poor.
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| Muftah Ismail said that the reason for inflation in the country is the devaluation of the rupee and administrative mistakes of the former government. File photo: MAK NEWS-21, |
Talking to Hamid Mir, the host of Geo News program 'Capital Talk', the Finance Minister said that the country stock market is improving and the business community knows that negotiations with the International Monetary Fund (IMF) are succeeding. This will reduce the pressure on the rupee and the country economy will no longer be a victim of politics.
He said that there were many reasons for rising inflation in the country, one of which was the sharp fall in the value of the rupee.
Read also: All agreements made with IMF will be fulfilled, Muftah Ismail
He said that in the past, expensive electricity was generated from expensive furnace oil which is a factor of inflation. We will generate cheap electricity from gas, improve governance in the country, control budget deficit and next 3 to 4. The country will see improvement during the month.
On the question of increase in petrol price, Muftah Ismail said that rich people should not be given subsidy on petrol but they would try to provide relief to poor and middle class.
He said that there was no immediate increase in the price of petrol, there was no need for the people to fill their tank with petrol, they would try to provide relief to the poor when prices have to be increased and no burden would be imposed on them. ۔
Read also: Can't afford subsidy on petroleum products, Muftah Ismail
He said that I have been instructed by the Prime Minister not to impose more burden on the poor, even if petrol became expensive on May 1, there are different stages.
"In this regard, we will come up with a plan on how to provide relief and protection to the lower class," he said.
He said that they have also talked to the IMF that they will end the subsidy but they will definitely give relief to the common man who travels on a motorbike or a bus.
Finance Minister Muftah Ismail said that no law would be changed which would harm relations with the IMF.
He said that SBP has no intention of withdrawing the sovereignty bill, we will see if the IMF program is completed by next year.
It may be recalled that the annual meeting of IMF and World Bank with Pakistan is being held in Washington in which Federal Finance Minister Muftah Ismail is representing Pakistan.
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