Saved Pakistan from bankruptcy: Miftah Ismail

Finance Minister Miftah Ismail at a press conference in Islamabad. -Screengrab

ISLAMABAD: Finance Minister Miftah Ismail said on Thursday that they saved Pakistan from bankruptcy by raising the prices of petroleum products.

Addressing a joint news conference with Information Minister Marriyum Aurangzeb, the finance minister entrusts the nation with a Chinese loan and ongoing negotiations with the International Monetary Fund (IMF).

Miftah Ismail said they had reached an agreement with the IMF on budget measures. The Minister said that he would hold the final speech of the general debate on the federal budget for fiscal 2023 in the National Assembly, and then he would close the budget.

“It’s a historic budget because we have neither increased indirect taxes nor imposed taxes on goods or consumption,” he added.

Referring to the PTI government, the finance minister said they had imposed heavy taxes on consumption which had a bad effect on the poor.

The previous government had four of the biggest budget deficits ever, he said, adding that Pakistan’s debt had increased by 80 per cent since the start of the country during PTI’s term. He said Imran Khan had brought the country to the brink of bankruptcy.

He claimed that taxes were imposed only on the rich. “I have imposed taxes even on the prime minister’s son’s companies,” he added.

The finance minister said the coalition government had imposed taxes on the rich this time, adding that another 1% would be imposed on people earning more than Rs 150 million, 2% on people earning more than Rs200 million, 3% on people earning more than Rs200 million. million Rs and 4% on revenue greater than Rs 300 million for the year.

MIftah Ismail said that China had approved a $ 2.3 billion loan to Pakistan the day before. He hoped the amount would be remitted by tomorrow.

The finance minister thanked China for re-withdrawing its safe deposits in Pakistan that matured in June and July.

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