ISLAMABAD, July 16(ABC): Minister for Finance and Revenue Miftah Ismail here on Saturday reiterated the firm commitment of the government to bring economic stability, reducing inflation, ending power load shedding as well as building foreign exchange reserves for achieving sustainable, inclusive economic growth and social prosperity in the country.
Addressing a press conference along with Minister for Information and Broadcasting Marriyum Aurangzeb, Finance Minister reaffirmed the government’s resolve to pass on all the benefits gained through declining of petroleum prices in international market, besides taking all possible steps to protect the most vulnerable segments of the society through strengthening social safety nets.
The minister said that tough and unpopular decision taken by the coalition government had helped the country to avert from default, however, he said that strict adherence of fiscal and financial discipline still vital to put the economy on right direction of fast track, sustainable economic development and attaining social prosperity.
Soon after receding the price of petroleum products in international market, he said the government had decided to pass on all its benefits to facilitate the common man in the country and it would be continued passing on the relief to address the rising inflationary pressure.
He said that after the reduction in petroleum prices in local markets, Pakistan Railways and Pakistan International Airline had also announced to reduce their fairs, adding that provincial governments were also directed to take measures to bring down fairs in inter-city and intra-city to facilitate the passengers.
About the depreciation of Pak-Rupee against greenback, the minister expressed the hope that it would strengthen soon after the finalization of agreement with International Monetary Fund by current month, besides receiving about $ 4 billion from the some brotherly and friendly countries.
The minister said that it was also expected to receive about $6 billion by the multi-lateral lending institutions including Asian development bank, World Bank and Asian Infrastructure Development Bank and others, adding that it would also help to bring the stability in value of rupee.
Criticizing the mismanagement and bad governance of Imran Khan-led government, he said that previous government was not only incapable but it was also inefficient and pushed the country on the verge of economic default and social distraction.
He said that during first 3 years of PTI’s government, budget deficit reached to historic high till Rs 3,408 billion as against Rs1,664 billion of total deficit of PML-N’s previous five years tenure. He said that federal development budget cut down from Rs 900 billion to Rs 550 billion that had slowed down the phase of infrastructure development, where as national debt witnessed about 78% increase and it swelled to all time high and reached to Rs44,366 billion.