Federal Minister for Finance and Revenue Miftah Ismail has vowed not to let Pakistan slip towards bankruptcy as long as he is in office, reported 24NewsHD TV channel.

Addressing an event in Karachi on Friday, Miftah Ismail said Pakistan’s current account deficit soared to $17.5 billion due to wrong policies of the past.

The minister said that the national economy is moving in the right direction due to prudent policies of the government of Prime Minister Shehbaz Sharif He said the government will distribute Rs70 billion among the flood affectees.

Miftah Ismail said revival of the IMF loan programme was top-most priority of the government after taking over office. He said that the scope of tax net is being increased and business class is being brought under the tax net. 

https://www.youtube.com/watch?v=6naBQPueYQE

Miftah Ismail said that flash floods have caused devastation on a large scale in the country. He said an amount of Rs28 billion has been disbursed through Benazir Income Support Programme in a transparent manner in order to provide relief to the affected people.

The minister said that initially an amount of Rs25,000 is being transferred to affected families so that they can meet ration needs.

The finance minister said that flood-affected people will not be left alone in this testing time and they will be compensated by utilizing all available resources, even diverting PSDP funds for their rehabilitation.

Trade deficit shrinks by 27% in August

Miftah Ismail has revealed that the country’s trade deficit in August shrank by 27% from the same period in 2021, pointing out government’s decision to curb imports is bearing fruits.

Taking to twitter, the minister said, “The trade deficit stood at $3.2 billion in August,” adding that as per the Federal Board of Revenue (FBR), imports in August were $5.7 billion, which were down by 13% from the same period last year.

The exports were $2.5 billion, up by 13%, the trade deficit was $3.2 billion, down by 27%, and remittances were up 2% to $2.7 billion, the finance minister shared.

https://twitter.com/MiftahIsmail/status/1565362628851281921

The minister admitted that there were still work to be done but hoped the country would get there.