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New govt to raise petroleum prices: Miftah

The elite class having big vehicles could not be given subsidy, however, those using less petrol such as motorcyclists would be given relief, finance minister said.

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Minister for Finance Miftah Ismail on Monday said the government was devise a policy to increase the petroleum prices.

The elite class having big vehicles could not be given subsidy, however, those using less petrol such as motorcyclists would be given relief, he said while talking to a private news channel.

Miftah Ismail, the country’s new finance minister, agreed with the International Monetary Fund’s (IMF) proposals to lower fuel subsidies and cancel a company tax amnesty programme, and pledged to pursue structural changes to revive the country’s crisis-ravaged economy.

Although in 2019, the International Monetary Fund (IMF) approved a $6 billion loan for Pakistan to be repaid over three years, the money’s delivery has been delayed due to worries about the speed of reforms.

Read more: IMF dictates fiscal policies to Pakistan

Miftah said the present government would bring administrative improvement in next few months. Prime Minister Shehbaz Sharif had advised him that no economic pressure should be put on the common people, he added.

He said the government would make all-out efforts to reduce budget deficit which had increased during the Pakistan Tehreek-e-Insaf (PTI) regime. “We will collect more tax than our predecessors without levying any new tax.”

Replying to a question, the finance minister said devaluation of rupee and wrongdoings of the PTI government were the main reasons of inflation in the country.

The present government was fully focused on addressing all the economic ills, he said, adding they had initiated talks with the International Monetary Fund (IMF) in time. The government was not interested in reversing the State Bank bill at yet, he said.

Read more: IMF bailout extended by one year, loans increased by $2 bn

To another query, he said Prime Minister Shehbaz Sharif would leave the office gracefully if a vote of no-confidence succeeded against him.

Courtesy: APP

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