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Thursday, May 23, 2024

PM Shehbaz warns of more difficult times ahead

Prime Minister Shehbaz Sharif said that the country could still face the difficult times ahead due to the inherited inefficiency of the previous government.

Prime Minister Shehbaz Sharif has warned that the country may witness more difficult times ahead as it struggles to steer out of the ongoing economic crisis.

Currently, Pakistan is facing a tough economic situation as the incumbent government imposed taxes and slashed subsidies to comply with the demands of the International Monetary Fund (IMF).

While addressing PML-N Senators, Shehbaz Sharif said though the country could still face the difficult times ahead due to the inherited inefficiency of the previous government, however, the coalition government would brave every challenge effectively.

He also lashed out at the previous government for double-crossing the IMF. The Prime Minister said PTI struck a deal to pass on the change in fuel prices and had accepted to raise the Rs 30 petrol levy and sales tax by 17 percent. However, he said, the deal was quashed and the previous government had suddenly reduced the prices this March at a time when the petrol prices skyrocketed globally.

Read more: Is Shehbaz-Zardari govt increasing petrol prices again by Rs 50?

Furthermore, he said his government would keep the nation onboard regarding difficult economic decisions and would not deceive them, unlike the PTI government.

PM Shehbaz Sharif said the government’s deal on conditions with IMF had been finalized, however, said the positive results in the shape of development would take some time.

Economic situation to get better in 3 months?

On the other hand, Finance Minister Miftah Ismail claimed that the government would be able to control the economic situation within three months.

While addressing a press conference with Information Minister Marriyum Aurangzeb, Miftah Ismail said the stock market was in green whereas the exchange rate was also heading towards stability amid the imminent arrival of exchange reserves from China. He added that China agreed to provide $2.3 billion to Pakistan which would likely arrive tomorrow (Friday).

Meanwhile, PM Shehbaz, during his speech said that even though the loan from China was a respite in the current trying times, Pakistan cannot keep on relying on China all the time.

Read more: Imran Khan betrayed the public by keeping petrol prices low: Ahsan Iqbal

Furthermore, Miftah Ismail said the talks with IMF regarding the revival of the fund facility were inching forward.